We are usually at about 1.5 times median and rent to people who are looking for a lifestyle and not just a roof over their head. 

Installed a new roof and fresh paint.

Tenants sometimes don't pay, roofs need to be repaired etc.

The savings had the security deposits and monthly deposits for longer term items (cap ex) like a new appliance, or paint, or roof.

It's old, has an old roof, and close to the ocean.

I've actually had some experience with this in the past and know that you can get everything done under one roof if you find the right one.

It's been gutted to the studs inside, has a new roof, and has a pool (needs work plus a possible expansion), with room for new commercial buildings to replace the ones that were demolished or for an expansion of the motel with either more rooms or a few condos for short-term rental.I'm considering selling a single-family home that I own outright in another state (Lake Havasu City, AZ) to finance this deal. 

On the 30th day which is in a few weeks you may want to reduce the price by usually 5% which is $11k so you may actually fare better taking the deal instead of possibly spending more in holding costs and losing more money if you continue to rack up days on market. 

Roofs, Plumbing, Electrical,  HVAC/Furnace. 

I am thinking of getting a hard money loan, but interest rates are through the roof!!