When we go into a recession and people cut back on spending, you’ll be dead in the water with a lot more negative cash flow than that.

Ask yourself what makes your property worth $2100 (incl water) when rents in the area range from $1500-1800 (assuming that doesn't include water)? 

Roof is approx 15 yo. 4 water heaters been replaced in past 5 years. current brings in $5200 month.

Add another $20 a month for that.Add in HOA fees ($300 a month; shown in your link), Gas, electricity, high-speed internet, water, trash and snow removal. 

Quote from @Kerry Noble Jr: Preforeclosures are best called or door knocked.Tax delinquent or code voiolationsPreforeclosures, Tax delinquent, code voiolations, probates/inheretence, quit claim deeds, water shut off are the best lists.Understand it is a volume game. sending out 500 mailers probably won't yield any results.

Where is the water flowing when it rains?

Assets identified in this study include:Bathroom Fixtures: Bathtubs, vanities, showers and toiletsStructural Components: Drywall, wood framing and interior partitionsBuilding systems: water heater, electrical distribution, HVAC, plumbingInterior Construction: Wood flooring, stairs, ceramic tileSmoke detectorsThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

He installs our water heaters for $260 + the tank.

You raise an excellent point, and it's something a lot of people are starting to recognize as more short-term rentals flood the market.

Inexperienced out-of-state investors have flooded the market and are overpaying so it's not as easy to buy as some people think.