Is this a boiler building or is heat separated out? 

The challenge for us is finding the gems where I can push the value on the house...like by adding an addition or taking unheated space and converting it to heated living space, or adding another bedroom/bath. 

Where would you think is the best state to invest for longevity/safety/limited environmental issues like flooding, tornadoes, extreme heat etc aren't a problem?

If your numbers are accurate you should make almost 40k after paying your realtor :)Here are the numbers to back up my argument that this is not a good rental: Mortgage Rate 3.00% Length of Mortgage in years 30 Monthly Mortgage payment $420.55 Taxes $ 133.33 Sewer and Water $ 125.00 Trash $ - Heat/Utilities $ - HOA/Legal $ - Cap Ex and Ops $ 250.00 Insurance $ 100.00 Mgmt Fee $ 110.00 Vacancy $ 91.30 Total Expenses $1,230.18 Unit 1 $ 1,100.00 Unit 2 $ - Unit 3 $ - Unit 4 $ - Unit 5 $ - Unit 6 $ - Total Revenue $ 1,100.00 Cashflow/month $ (130.18) Cashflow/year $ (1,562.20) Cash on Cash Return -4.03%

The heat is very expensive in the winter as it is an old house and doesn't have insulation.

It needed paint, new roof and fumigation for termites, central heat and air for each of the 1/1 units.  

Lack of water, heat, or sewer are instant fails.

Running water, electricity, heat, flush toilets?

Despite the heat of the market right now, if you find a property that makes sense, to which you can offset your living expenses, and have cash flow later as an occupied rental, the answer seems obvious to me!

A couple notes about expenses:1. heat and hot water are included in HOA fees and would just have tenant pay for electric.2. 5% each for vacancy, repairs and cap ex because it's a small condo and not much to repair and everything outside is part of the HOA.Any feedback would be helpful.