and deal with power lines, water lines and sewer, maybe seal the well. 

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

We've installed the Moen leak detection device, which detects leaks both hot water and cold water, and monitors water usage and gives you weekly reports.

I don't think any water is coming into the crawlspace other than the plumbing leaks in pipes running under the house.   

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

Quote from @Jaycee Greene: Unless you already have a capital reserve fund that will pay for unforeseen, major expenses, like a new water heater, roof, or A/C unit for example, I'd keep the profits in the account until it can cover 6-12 months of operating expenses.

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

Pretty often no water, sewer, power or even roads to the property. 

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.

But it should only be attorney cost, the deed and recording fees (few hundred) , maybe a final water cert.