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.

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. 

Modern floor plans, modern mechanical systems, well insulated, generally separately metered etc.

These improvements modernized the property, enhanced its curb appeal, and significantly increased its market value.

We are sandwiched between well known hot spots and its an ideal location for someone who wants to explore the beach life or any of the down-town areas nearby (Los Angeles, Long Beach, Redondo, Manhattan, Southbay Etc), new build with modern amenities, washer/dryer in unit, full sized fridge, dishwasher, professional range cooktop, queen bedroom, full standing shower, large kitchen, full sized couch in the living room, private front patio.