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.

Bonus is I am getting new HVAC, Furnace and hot water tank. 

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

Improve the grade if water flows toward or pools near the house.

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.)

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

They would need to prove their system works before I take such a high risk.I have 23k in capitol to invest, originally saved for a home, and would be willing to put up 10k for their system to test the waters.

Why pay rent when your landlord gives you free housing, free maintenance team, free mortgage, free electricity, free water, free trash?

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..