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.

A: "The lady downstairs goes outside to smoke (nice), but her smoke lofts up to my open window."

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.

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.  

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.