The distance from the water is one factor to look at, but as you mentioned in your post elevation is another. 

Focusing on an elevated design with modified layout to cater to an elevated buyer.

If you can't do that, you have to rebuilt it to current code...with living quarters elevated. 

Throw in where you need to add light to the building is typically the core where all the MEP risers, stairwells and elevators are....The only building that I have been able to successfully convert is the Oronoco in Alexandria VA because it had a center atrium but we still added significant amount to the building. 

Was curious for those of you who play in the flip space at the more elevated price points what advice you have when pursuing those deals?

The primary rental season in the Poconos has always been summer, with "ski season" as a smaller secondary rental season sprinkled in, but not really much any more.Keep in mind the Poconos aren’t high elevation like Vermont or Colorado - they’re only like 1,000 ft above sea level so it wasn’t really great skiing to begin with.

Enter through Jefferson Building and take elevator to 5th floor.Let's have some fun and help each other get out out the Rat Race!!

Have an elevator pitch (30 seconds) of what you are looking for, then a list of skills you bring to the table. 

The Reserve funding plan will show you what large elements they are setting funds aside for...exterior painting; roofing; roadway or parking surfaces; elevator modernization's, etc.

It definitely elevated my investing career and gave me opportunities to connect with some great people.