Last think you need is for a furnace or a water heater to go and have to scramble to come up with the funds out of thin air. 

I blew my rent estimates out of the water because the rental market is so hot where I am right now.

Purchase price: $102,500 Cash invested: $28,000 Rehabbed single family ranch property by replacing all trim, flooring, removing kitchen wall for open concept, new kitchen cabinets & island, replaced roof, updated electrical, new heat pump and A/C, complete Master Bathroom(with tile shower), and adding egress window in basement.

If I recall correctly the insurance policies pay nothing unless flood waters hit the second floor, in his particular case.

I wasn't sure from your question.As far as brokerages, I've had a great experience with eXp Realty, especially because of the team I joined, Quiet Waters Realty Group.

Flat roofs are horrible for leaks and holding water.

Roofs, HVAC, Water heaters, kitchen and bath remodels, tenant turnover (typically repairs and maintenance) cost me much more than $220 per month.  

I do have some renovations I would like to do later on and if I can secure a low interest HELOC right now before the market starts to pump the brakes a little bit then I don't see why not?

Who pays the water, heat, hot water, cooking gas, trash, common area maintenance, etc? 

Personally I wouldnt recommend coastal areas if you are into long term hold - wouldnt want to take a chance with rising water levels.