I live in the mountains of New Hampshire and none of my properties are anywhere near a water source and I’m seeing an increase of 40% this year in my renewal rates compared to last year.

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

They look nice, and they'll last decently well, but any water and it deteriorates way faster.

The property already had septic, water, and electricity from a home that had been demolished.

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.