I think they recently had their AC and water heater changed without even being present.

The site already has power and city water.  

I had repainted the floors felt with hot water heaters and broken hvac systems. 

.- Monthly cash flow from day one- More properties that are fully separated metered -- gas, electric, hot water all metered for individual units- Significant increase in property management -- evictions, late rent not because somebody simply forgot to press "send," potential domestic issues, issues between tenants, etc.

I agree, properties near the water appreciate well as more people like to be close to the beach.

Remember that a broken hot water heater costs about the same to replace no mater what your rent is.

Don't go more than 12m lease, and even consider a 6m to test the waters, though they will push back because it doesn't given them enough runway to buy the furniture and get runway.If your PM is going to be managing them, make sure that they are just VERY diligent on collecting timely rent and get agreement to do quarterly (or so) walkthroughs/inspections to make sure the home truly is being maintained.

Also, you probably need a civil engineer to make sure everythign is viable, since part of the approval process is having a civil draft up plans for sewer, water, grading, etc. 

Westchester NY, who pays for (expenses) heat, hot water, electric, snow removal, salting, trash bin maintenance, plumbing stoppages, plumbing leaks, key changes, sweeping and cleaning, CCTV, rehabs after tenant moves out.  

The home has a septic system and water catchment(?).