(in the voice of Ross Geller lulz) when we need to.As far as flips versus buy and holds, I'm a huge fan of diversification especially in the current economic climate. 

With the constantly increasing prices, it has become increasingly difficult for those who are just starting out to purchase property in a highly competitive climate.

Congrats on this and getting a deal off market in this climate!

I agree with @Jake Stuttgen, the financing looks a little off for the property and current climate. 

We had a gas company drilling for a bit and it made it profitable, but due to the political climate it doesn't look like they'll be able to do anything else until some things change. 

I mean climate change.

It's a really unique state with everything from desert to lakes and boating, skiing, hiking, golf, literally anything you want to do outdoors and they have the climate and topography to do it. 

In any case in the current world and political climate I strongly recommend working with a property manager even though thats an 8-10% hit on gross revenue (though a good PM is very much worth that IMO)  I would recommend trying very hard to avoid buying a single house to rent out.   

But the most important point you brought up is water availability via climate change.

Our professional approach and almost 20 year history gave us an edge over the unintentional landlords sitting on an empty homes they’d moved from.Ironically, our State’s anti-growth policies combined with a hyperactive business climate have forced extreme appreciation and rent growth throughout our region.