I hope you or someone is at least keeping an eye on your properties for break ins, squatters, roof leaks, temperature control, frozen pipes (if in cold climate), if you have a basement and sump pump goes out leading to water damage etc.I just talked to two investors in California that have let their properties sit vacant (no mortgages so paying property taxes and insurance).

- Do you want an ocean view, or is proximity to the water or to resort amenities like fine dining or shops most important?

Other low-cost amenities that can boost ROI include a coffee and tea station with basic supplies, a welcome basket with snacks and water, or small outdoor games like cornhole.

(And I would tell you to not buy a property that doesn't cash flow unless you have significant resources behind you that could absorb anything that could come at you - like replacing a $5,000 AC one month followed by replacing a $1,000 hot water heater the next).   

I also see your point about avoiding bargain basement properties, especially insofar as tax shielding is easier with an asset of a reasonable size.Your point about barriers to entry is also interesting, since I suppose those barriers can be geography (natural boundaries of mountains/water), but you're probably referring to that which impedes future construction?

Labor/material are going to be different and need to factor that in4) new roof, new HVAC, new water heater, ac panel, replacing plumbing to PVCThese are very variable, if you are getting this from a licensed guy to do it and unlicensed.. is it a big shop or a local shop doing it, is the GC doing it they will put some money on the top so it will be more money5) framing (creating new bedrooms or baths)I would get all these quoted from a good couple of licensed guys and unlicensed to know your numbers to cents

But it should only be attorney cost, the deed and recording fees (few hundred) , maybe a final water cert.

Pretty often no water, sewer, power or even roads to the property. 

It will be quicker I am assuming and will save money on my construction loan interest as a result but want to hear some other thoughts from others with more experience with new builds.for some context I am in Dutchess county ny, property has public sewer/water. 

Generally, homes closer to the water are more expensive.