Is $110 an ok cash flow for a property that will require minimal work on my behalf? 

It breaks even and provides minimal net income, which is not worth it in this town. 

Sure, do any business long enough you will get burned, but you can minimize risk. 

Why take all the risk, for such minimal returns? 

I have some financial info on the tax return from 2015 from the landscaping but it is minimal.  

Minimal chance at appreciation on the property/market.I might be more willing to buy in a hotter market as an appreciation play on a property that is breakeven cash flow if I can use some of that depreciation to help pay down taxes on my other property.

I actually think we are leaning towards moving a small historic house onto the back of the property - found a big time developer that is going to cover the moving costs, because he cant demo the house, so the net cost to us is pretty minimal. 

We plan on considering the side work (GC and design stuff) to be taxable wage income but that is minimal compared to the profit we receive from flipping.

Vieques got incredibly lucky and there is no major structural damage and minimal impact/disruption to the island - considering the size and force of Irma. 

You'll minimize your risk of failure and improve your probability of profit/success with a larger reserve.