Just did a full renovation beginning of 2024 after tenant moved out and increased rent by $400/ month for new tenants

Conceptually, when you are just renting the dirt and infrastructure, there is a lot of overlap in the "dynamics" that make storage so attractive. 

I want to attract and retain a quality person and I am willing to pay a fair amount for that service but of course, I don't want to over pay and lose money if I can avoid it.

Part of the reason for not increasing our offer on this deal was because the agent put a clock on it and I didn't feel like it was wise to rush our first one.

Since beaches aren't extremely common in the sense of white sand and surf but tend to be rocky, it's not all about being on shore front; however, close to coastal attractions like Bar Harbor, downtown Freeport, and other tourist areas like Kennebunk Port will drawn in larger crowds in the summer months.  

Everyone's situation is different though and different properties attract different classes of tenants. 

The really big cost increases for us this year have been removing furniture that has been abandoned.

This makes it an attractive investment for building long-term wealth.

I don't believe we will see an increase of supply because of default rates like 2008.

However, if the thought of increased debt and the impact on your 401(k) causes significant concern, Option 2 offers a more conservative approach, allowing you more time to save and make a more informed decision after understanding the HCOL area better.