I definitely think about climate change and it's effects on the country in the long run quite frequently, but much like Tim, haven't considered it much while investing as I too live and invest in MSP. 

You just need to adapt to this new marketAlso, looking at real estate investing in a vacuum doesn't mean anything really, you have to compare it to available alternatives at any point in time.

I have had the realtor follow up frequently and I sense the buyer is motivated, so I may be able to get a better deal.

In contrast to long-term rentals in which you primarily rely on tenants to keep the unit clean, the quick turnover of STRs ensures the unit is being cleaned frequently.

(It's also possible that because your loan amount is going to be so high, the 28K still fits within the allowance; I don't deal with regular residential mortgages enough to know the exact allowed percentages right now but I know it frequently comes up as an issue.)My other major question/concern would be whether it's actually a legal 4-unit property, particularly regarding the basement unit you mentioned.

It enables the one day turn which is typically just small hole patching, touch up paint, clean with assistance from a robot vacuum, rekey quickset smart key locks, shampoo/swiffer floors as needed and small stuff (broken blinds & detector batteries).

There are a ton of neighborhoods and the boundaries are frequently not well defined and at times might feel arbitrary.

However, for me, it’s a real life rags to riches story (and I remind my wife about it frequently!”.

Frequently people will post on the forums asking opinions about buying old houses/buildings, what to look out for during inspections and what considerations to make when structuring an offer.

I make a point of illustrating this frequently in front of my tenants, placing fake calls to her to ask about money decisions, things like that.