This is what is happening in WA. below is a heat map of the age of the FEMA maps. 

House is ~1150 sf, 2 bed 1 bath, new windows, insulation and heat pump. 

One element to consider is what you or the property manager can feasibly enforce.

The property is in another town from my main home base (3hrs away) and I'm not eager to tackle the main house rehab right now (taking too long, heat, and I'm probably slight over on the garage apartment budget so I want to trim main house budget a bit to keep the whole budget in line). 

This includes hot or cold water, fuel, electricity, natural gas, and heat."

Things are really heating up in that market and not in a good way. $1000 fines for one too many cars.https://www.sfchronicle.com/business/article/Tahoe...Seeing as you are in a commercially zoned area, you might escape some of the regulations and they seem to be directed at residential neighborhoods.

Here's in the info.Cost: 350kCurrent Rents: 3200Market Rents: 360020% down ($70k)Closing costs: $7k (paying more points for better interest rate)Interest Rate: 4%Estimated Mortgate: 2030Property is built in 80's and would likely need new ac and heating equipment installed.

Hot water baseboard heat (gas boiler).

The fact that they have to pay for gas to heat up the water helps stop over usage.

Here's in the info.Cost: 350kCurrent Rents: 3200Market Rents: 360020% down ($70k)Closing costs: $7k (paying more points for better interest rate)Interest Rate: 4%Estimated Mortgage: 2030Property is built in 80's and would likely need new ac and heating equipment installed.