It may be a good idea to at least have a tax profession review your tax return to see if there may be any significant mistakes, or opportunities that you may be not aware of.David OrrTax Modern

It was a modern, new build and I'm assuming the remote location was preventing them from getting the ROI they were looking for. 

Upgrade appliances, install new countertops, and modernize fixtures wherever you can.

These improvements modernized the property and enhanced its market appeal.

These improvements modernized the property and enhanced its market appeal.

These minor improvements modernized the property and enhanced its market appeal.

It's right next to the cute downtown square with a lot of modern shops.

Since you mentioned the property needs a lot of work, if you could put in some higher end finishes into the cabin (kitchens and bathrooms), there would almost certainly be a pretty solid base of STR guests wanting to stay there - almost without exception, every modern STR cabin in Minnesota and Wisconsin that I've seen are all doing tremendous numbers.  

Bars will be on the windows (crime reference above).Don't be surprised if your cheap purchase costs that much or more to repair as your repair costs will be much higher than a home built with more modern materials, such as in the 1940s-1950s.

The other units rents would be the only way to qualify at the $700-$800k range and then force appreciation with modernizing one of these aging properties.