Maybe the MFR market is just too heated right now for a newbie like me.

The boat slips are rented seasonally, paid up front, and currently generates $2,000/month (when averaged over the year).Total monthly income: $11,250 ($135,000/year)Expenses run very low, from what we can tell, listed annual expense:RE Taxes :12,000Insurance: $6,500Water + Common Electric: $3,000 (heat and hot water is paid by tenant)Maintenance + Repairs: $2,000Management: $10,000If we do 40% down ($700,000) and finance $1,050,000 @ 4% over 15 years: $93,300.Add for vacancy, misc, etc...  

The problem though is that as a market heats up sellers do become more skittish about any contingencies but it's worth a try. 

I see two (potentially related as they showed up together) issues.No heat - Maybe a bad heating element?

The former owner had put in all new drywall, all new windows, all new plumbing, heating and electric, new siding, 2 new full baths and a new kitchen. 

Heating and cooling - central or individual units?

While I guess it is possible to build a unit and not install ceiling fans, they are so common that not including one would be a negative in most renters mind.In my market, things like central air & heat, dishwasher, washer/dryer are amenities.I have never had a call regarding a ceiling fan from a tenant, but have had to replace one (1) during a unit turnover, as it was just too loud for my taste, but it was very old (~15yrs).

A pending issue like ac and heat makes me nervous if you haven't got 30 k in hand (and this is a capital issue that goes directly to tenant satisfaction because no ac means no tenant or rent in Tulsa summer time)..

The North SJ/Milpitas area is still on fire, but the intensity of the heat varies quite a bit from property to property, but they are all still on fire. 

So a tenant only pays electric, and their hot water and heat is included in the rent.