Attend open houses to understand market trends.

Just a different takeNow this is not to sayPS - those houses that were priced way too high and languish?

This house has several major issues wrong with it but there are 2, I am unfamiliar with. 1.

Think about an HVAC, storm damage, paying for housing if a tree falls on the roof, dealing with stupid insurance companies, etc.

@Jacob Flaxman, I am not familiar with this market, so take what I have to say as more of a general comment.My first thought is $250k to build a two story, two bed "house" will cost more than $250k. 

By doing your work in house, you eliminate quite a large portion of the expense category.  

He wanted it all sold as a single package with no owner financing.  

Spa-like bathrooms, high-end bedding, statement decor, and concierge-style extras (welcome baskets, in-house spa services, etc.) help justify premium rates.4️⃣ Adventure Travelers – They want gear storage, outdoor-friendly spaces, and rugged yet stylish design.

It's running a business NOT renting a house.  

I had a similar strategy with my first few house hacks: buy in great A & B Chicago neighborhoods....get by with minimum cash flow, and wait...What's your plan for the next purchase Michael?