Water overflowing the sink, seems more plausible than some missing caulk.  

Infrastructure (eg water, sewer, electrical supply to the house) should be the landowners' responsibility. 

It wont cover wind hail fire or water damages etc?

Or if you are able to connect to public water &  sewer, this would make the investment much easier.

Or the always popular, “My tenant moved out and stole my washer, dryer, water heater and light fixtures!!!” 

And the second was that it was in a flood zone with the listing agent and seller saying it had never flooded but we were able to get confirmation that it had taken on water at least 3 times in the past year and the insurance agent for the property stated that with the flood insurance the premium would be close to $11,000 annually which meant the list price had to drop from $339,000 to less than $239,000 to make anything work.

Rent goats to clear woods and create romantic lit walking pathRefinish floorsAdd modern master bathroomNew deck and firepit hangout area with hot tub and outside barand....STYLE!

With most price drops (as in "hot, don't touch")?

Last year we had a water leak on a Friday night, we had somebody out immediately Friday night and came back on Saturday to do final clean up. 

So, splurging on a pool table, hot tub, and a telescope to enjoy the views would yield significant returns.I'd love to hear your thoughts!