My suggestion is to look at houses on the market NOW that fit your criteria and analyze them in detail.

The place could also survive on LT rent or seasonal rental, which is popular in this quaint village on the water for Summer and shoulder seasons.It's one of those two-story old 1890 brick buildings.

These two have become very popular over the last few years, and you'll get mixed reviews from all sides. 

Analyze the cost vs new profit and see if it is worth doing.

It will give you an idea of what your competition might be like, and for those being rented a lot, what amenities seem to be popular that would get the most rentals.

BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators7.

As I've learned more about analyzing properties I have quickly discovered we had to make some changes to our current rents and with changes going into effect next month the property will cash flow around $675/month, we only have about 7 more years on a small lean we have on the building, after that it should cash flow around $1000/month and be paid off with no leans. 

BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators7.

**Analyze Your Finances:** - Use the BiggerPockets calculators to see how much cash flow you can expect from an LTR property versus an STR

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*This link comes directly from our calculators, based on information input by the member who posted.Hello All,Peter Piper here.  I am new to real estate investing.  I currently work in the restaurant indu...