Obviously , look for location. There are small houses out there that need complete renovation or knockdown. Land out here is a premium. Good location brings high numbers regardless of the structures condition. Be prepared to spend money. But in the Hamptons, you will always get your money back. Even if not in prime location, you can always find a tenant. If the new home is done well and in keeping with the area, again you will always make money here. You might have to wait a couple of years. Flipping is still iffy when done to quick.
I would be glad to research properties for you with some more information.