Since this is not big enough to be seen as a commercial property, they'll be looking at sold comps and won't give you a mortgage on something that appears to be 'under water'.

Miles of bike paths, rentals, a water taxi, and many beaches to choose from.  

Formica counters looked to have a medium degree of water damage here and there. 

When using the Rental Calculator should I adjust my prices so that they reflect only one flow/unit of income and keep all my vacancy rates, cap ex, maintenance repairs, water, etc... all the same?

@Ryan A. your advice on cube life is valuable, as it can definitely serve as steady cash flow that can be pumped into your business.  

Option 1) buying in cash for self use 3 year cost/gainGainsestimated 2% property value gain per year on $200,000 (cash cost of house) = $12000losseshouse insurance per year $1000 = $3000property tax $2000 = $6000heat and water = 700/year average = $2100 lossupkeep of house = $3000 (3 years)total loss =  -$2100 (3 years) ------------------------------------------------Option 2) renting an apt/house for self use 3 year costGains $150/m maybe on $200,000 bank interest gain = $5,400 (3 years)Losses$1000 per month = $12,000 = $36000 (3 years) (no heat and water costs, no home insurance, no property tax though)total loss =  - $31600 (3 years)-------------Option 3) investing to rent out house entirelyprice of home $200,000 gain $12,000 rent per year at $1000/m = $36,000$12,000 % increase per year value = $36,000(at estimated 2% value per year increase)lossinsurance per year $1000 = $3000property tax $2000 = $6000 (3 years) $150/m maybe on $200,000 bank interest gain = $5,400 (3 years)heat and water = 700/year = $2100 loss (3 years)upkeep of house = $3000  (3 years) total potential gain $72,000 over 3 years - $19,500 losses Total gain =  +$52,500 (gain in 3 years)--------------------------------------------------I never really realized there was such a difference.

. $700 is what I net after management fees and water service.

Everything filthy, water damaged window sills, carpet is pretty trashed from pet stains.

The home needs brought into the 21st century, but has no major issues (new roof, new windows, good furnace, A/C, water heater, etc.).

Prices at the pump do not actually reflect the low cost of oil in the production end.