I am definitely looking to go in the first year with breaking even and speculating for appreciation.

Pure speculation on my part, but I suspect they may be trying to garner enough funds to complete the purchase of their new home.

Everything you said is true, it doesn't meet the 2%, 1% or 50% rules which I know and applied to other properties, but I think we were blinded by the fact that the property meets a lot of our other requirements + it has great appreciation potential based on its location (speculation I know).

That's just speculation on that though.

There are speculative pockets that could move back some, but great locations have plenty of fuel to continue upward.  

"Low borrowing rates encourage speculation," he says.

Obviously everything about 2021 is speculation and none of us know what will happen.

Are people vacationing there right now, or are you speculating that they will once restrictions ease? 

At this point, I would say that you are speculating and your investment is too dependent on the health of the local economy which in turn, sounds like it's too dependent on oil and gas.  

If I were you, I wouldn't try to speculate on interest rates.