The major concerns to me are the roof, the hot water heater, and similar.  

High efficiency appliances were utilized including HVAC, light fixtures and water heater.

We do not drink but I wasn't opposed to providing a local wine that was fun.

So long story short we have a traveling nurse staying at our rental that got some water damage when the roof was being replaced, they don't have renter's insurance (which we require in the renter's agreement they sign), water damage has been remedied and is cosmetically minimally affected and still very much in a liveable state.

However, you could do a mix of both, for example you could create paid advertising to promote specials/rates, partner with a local restaurant to have some type of a collaboration that includes a free drink with a stay, or you could switch to longer rentals.

There is roof damage, probable damage to the trusses, and the water line busted.

Folks just drink the cool aid of guaranteed rent..

I was also not told of the unpaid sewer and water fees, my poor new tenant doesn't have water right now.Gary Garrison took over, but he has since left. 

@Dee Mandrekar highly doubtful there's such a big difference between market rent and S8 rent.First off, the GROSS S8 amount includes specific amounts for all utilities - electric, gas, water, trash, etc.We do NOT recommend including utilities in the rent because S8 only pays a certain amount and the owner is then exposed to tenant abuse of utilities. 

This is rent minus mortgage PITI and property management fee 10% (I don't include capital expenses in that calculation since I already set aside a reserve fund and the HVAC and water heater are 5 years old.