My price reduction %'s are spot on, and have been for years.

Your income is very solid, but you don't want to add dead weight to your earnings by going too big, too soon.

Anyone with active listings in the area care to weight in on approximate summer rental income?

I can't imagine the weight you feel with both parents passed away and now you are left with things that constantly remind you of them. 

Additional 300K reduction to start.

Same with contractors, most GCs you will meet aren't worth their weight in scrap metal. 

Quote from @Jim Doyle: Ask.It is very common to offer a price, then negotiate repairs or price reduction based on what you discover during the inspection phase.

I found that the estimated renovation costs to be under and the ARVs to be way over - this is now proven where another investor purchased the property and is trying to flip it and I've seen several price reductions. 

You can have a couple yoga mats and some light weights in the house if you feel it would add to the guest experience. 

BUT, I've yet to find a cohesive "formula" or "rule of thumb" for weighting these factors and determining profit share.