You mentioned that you've been paying water / sewer for all 4 units. 

What type of MEP work are you putting into the design for getting the sewer, water, power, and internet (assuming you're not extending gas) to the inside of the building? 

under mount granite or quartz counter tops.. water closet  heated floors ..

You can lead a horse to water but you can't make the horse learn math.

No extra fees added for repairs, I'm allowed to contract my own people via the PM to do services(HVAC, lawn, water heater, etc.)

By improvements I mean that there is power, water and sewer/septic installed and working.

It also has the benefit of being local which is great training wheels as you learn how to be a killer host.Now assuming that you mostly want a cool property to stay in sometimes near water and don't want to spend a ton of time managing I really like the outer banks in NC.

Lot rent is $365 and includes water.

ON the more risk type product we do land speculation and Land entitlements but the returns blow most any cash flow at the the same dollar amount out of the water..

The water may be backing up from another fixture that is not draining properly.