UNLESS there is a dryer duct, stove duct, heat duct, or even furnace exhaust running through a joist cavity that is very drafty to the exterior.

For instance, if tenants are paying for electricity and heat you may want to consider a higher multiplier, say 120X.

The market around us is definitely heating up but there are always deals out there.  

I think the only con would be to not spread yourself too thin and then both ventures will suffer.Up in Nanaimo the market is heating up and you'll start to see a lot more flips being performed as the rising market makes up for a lot of mistakes.I work with my wife as agents in Nanaimo and we are both REI as well.

I am unsure about things such as the heating, plumbing, electrical etc.

Empty again. repaired heat unit. paying utility's And fielding calls from people who cant afford the rent. there are more dated units. in the complex drawing less rent. and that's not helping either.  

Providing heat, hot water, management, etc. does not qualify.

I would think that tenants would appreciate having laundry on their floor and would take more ownership in them but if the rooms are large enough to serve other purposes (yoga room, conference room, lounge, etc.) you could increase the competitiveness of the property.

You are gambling with a solid cash flow from a year round rental or try to really heat up in the summer and maybe the trailing months in between. 

The major drawback I can think of is higher HOA fees due to salt water damaging exterior building and heating/cooling units, as well as higher flood/hurricane insurance, or higher reserves needed for potential future storm damage.Some HOAs have strict restrictions on rentals near ocean to protect long term owners.