It scares me to think about the inaccessible structure. 

IF they were paid off (which they will be in a few years), last year they would have throw off about 40K in cash flow which is also 8% but all in accessible cash.

I have $400k in accessible cash looking to deploy towards real estate.

To echo on what @Gloria Wiekert said, yes you can do that but you still need to show the bank that you have the closing costs in accessible cash or a 401k. 

I know that Wilmington is nearby, but man, that seems so tough to invest on a beach on the other side of the country that is so inaccessible.

Educate your tenants on how to shut off water in an emergency or if other shutoffs in are inaccessible.

@Carrie Jones Great job in accessing this information for the BP community.

Each unit is turnkey, has 4br/2ba, full basement with laundry room, separate fenced in yards, with a semi detached 2 car garage (attached to the building but inaccessible from inside the units), separate HVAC, AC and sewer lines.

It made a lot of sense for me for a bunch of different reasons.I had $280k in access to capital spread between savings, a HELOC, and a 401k loan.

I was shocked the tub had never fallen through while it was occupied...Another typical "gotcha" is some repair or extension that some past "handyman" created...without using junction boxes, or burying the junction box behind paneling or some inaccessible area, or even checking polarity of wires they connected to.