@Rob Bianco, I assume this unit is in a really warm climate for A/C to be such a big issue in April.I think you are doing exactly the right thing.

And add the political climate, with rent control state wide now in Oregon and possibly next in California. 

With the current political climate and election campaigning next year, I expect to have a lull in the market over the next year so I'm expecting more opportunities after this Spring/Summer season is over.

You'd want to have someone do a btu/square feet estimate given the characteristics of your property and climate zone.I first got the idea when staying in a Marriott timeshare in Dillon, CO that was heated exclusively with electric baseboard. 

Has no running water to the cabin, but I was just planning on running water lines to it underground and disconnecting the lines during the end of summer months( I live in cold climate).

Use the upgrades however do not expect shingles of any quality to realistically last 35/40 years. 25 year shingles will safely last 15 years depending on the climate, attic ventilation, direction roof is facing etc. 40 year might last 25 but that may be a stretch.Metal would be preferred longevity wise however cost prohibitive for a rental.

Worse case, if plan for the upside portion aren't approved, I would still see $400k once all is said and done.The only thing I am a little concerned about is the over-all political and economical climate of things in New Jersey... although this particular municipality has weathered the financial turmoil of the past exceptionally well due to proximity to NYC, etc.Is anyone on this site still playing in the New Jersey speculative market? 

Look young, sound and act like a president. take an acting class and play investment banker roles. use terms such as "my objective" and "economic climate". you get the picture  

I am not well versed on construction and I am sure cinder blocks wouldn’t work in some climates in the US.

It’s a great market and in the distant future it will be a market I would like to look for opportunities in for population growth, job growth, infrastructure, positioning for climate change (very long term) etc..