Homes above the $300k price point are renting in the $1600-$2200 range and up.  

The property would need to be in the range of $170,000 for that to happen.

So the rental potential on this property will range from $950 (do nothing with basement) to $1600 (separate apartment).Other updates:#4 - the eviction is complete and the tenant is gone at last.  

This environmental control committee is a one-man committee, run by an employee of the community and not a homeowner (most of the committee members here are homeowners and volunteer their time to be on the committee's).Some of these fees to the HOA run well into the 5 figure range.

How does someone know what location is the best and what types of houses to buy, and what range of offers to put in?

My brother and I are partners we purchase homes in the 50k range and bring in about 1000$ rent per home.

You mentioned $20,000 difference in price; I don't know the price range you're in but in most areas the premium for a new house vs 5yo would be MORE than that. 

Our ROI for these deals range between 30-35%.

Rental Rates high seasonDaily range $125-$160 Weekly $850-$950Rental Rates low seasonDaily $105-$120Weekly $675-$800 Residential tower is one of the most sought-after residences in the beach area.The building is an icon and a staple in Panama’s beach communities– particularly amongst English-speaking expats and vacation homeowners.It’s known throughout Panama for its ideal location, breathtaking coastal views, resort-style amenities, and spacious high-quality apartments. amenities include: Direct beach accessRooftop pool and social area with panoramic beach and mountain viewsGround pool and social areaChildren’s poolFitness centerGame roomLow monthly maintenance feesCovered parking24-hour securityOther advantages: Home to an established community of English-speaking expatsA short walk to several excellent restaurants and a mini-supermarketAbout five minutes drive to the major supermarkets, banks, shopping, and more restaurantsJust over an hour from Panama City, largest city and national capitalDeveloper units have long since sold out, and people take advantage when a resale comes on the market.High resale value and reliable rental incomeThe Apartments iconic and high-demand development– occupying an exclusive and enviable waterfront position and filled with lavish amenities.The units, which sit on the 1st, 2nd, and 4th floor, each offer a prize-winning & unobstructed view of the Pacific, and a private balcony fully furnished, with modern tropical-chic décor that suits its beachfront ambience kitchenettes have also been providedNow for the numbers: average monthly rental: $2,200; property mgmt fee $115, condo maintenance fee: $68; Cable wifi $60; electric $60 mo, Rental mgmt fee: 20%; asking $185,000 USDMore detail in terms of Property insurance, taxes pending.

He needs to move by the 5th and owns his double wide out right with no liens.