$2k/mo would be fine for our frugal lifestyle.  

Financial freedom requires maintaining your lifestyle for life.

On the other hand, my most recent apartment purchase was from a large, well-established REIT that appears healthy, and I have not been very impressed by how they ran their business.

I view it as more of a lifestyle decision and generational hold.

If you do a  search of this forum you will find that financing properties in CR is an issue, though the nature there and lifestyle is very attractive

Don, to me I always like to say if your getting into the business as a business owner not an investor per se.. its a lifestyle and unless you and your family can embrace this lifestyle most folks don't get very far..

Homes like you are describing are a bit of a lifestyle for awhile (not a bad thing as long as you know that is what you are doing for the weekends and with your free money).   

You need enough time to earn healthy returns, but not so much that your kids graduate before the sale.Considering market cycles, five years is a modest stint in which to invest, make improvements, allow appreciation, and exit before it’s time to remodel again.A five-year projected hold provides a buffer between the estimated sale and the typical seven- to ten-year commercial loan term.

If you were looking to get a nice condo by the beach for lifestyle and you son't care that there's not much in the vicinity besides your development, you can uncork the champagne! 

The comps on AirDna are very healthy and the property will cash flow immediately upon moving out.