If you buy a sustainable product correctly you can still make great money no matter what market cycle.

a deal that cashflows negatively $400 now could also turn against you as rents decrease now that we are in a rent bubble. a $400 loss could be an $800 loss soon and not only are you bleeding cash then but your valuation will also plummet. we are in a unique market that isn't sustainable long term.. 

I would challenge that you can really sustain $150K a year consistently without a few years of actual records. 

That taxable fund with that number of doors will create a self sustaining property monster that can buy 1-2 properties per year. 

The association's policy does not cover flooding.In the lease, tenants acknowledged they are strongly encouraged to hold renters insurance that covers flood damage.The property itself would not sustain much damage even if it had 5 feet of flooding - $300 damage tops.However, I am concerned about the surrounding area making it unsafe for the tenants to travel into the unit.

once those utilities go bad, your not going to be able to sustain the capital expenditure to replace each of the well's or the waste Water treatment system. 

Dont know how that is sustainable in this industry.

I already own two homes that are my personal residences, and my DTI most likely wouldn't sustain another house WITHOUT the lender offsetting the debt with the rents to some degree - is there any other method of providing lenders with rent history that you have used?

- Any obvious risks to investing in the area (such as non-sustainable economic growth)?

Look to take the slow and steady path towards creating a profitable and more importantly - a sustainable business.Best of luck moving forward.