You can get a decent premium over traditional rentals with not a lot of extra work.

At least with AirBnb you could (hopefully) get some premium for nightly rates.

It’s in a high risk flood zone (the sellers say the policy can be transferred - grandfather, current premium 2900)I would owner occupy for a year or so and rent out my unit once I leave... would you invest?

Many of these neighborhoods have flooded multiple times and, in talking to our insurance company and some of the prospective buyers for our home, FEMA can substantially raise premiums (think 15k year) and substantially drop coverage (eg 10k coverage) for some of these areas that chronically flood.

To be honest, the housing stock is so limited in the entire Bay Area, including Santa Cruz County, that any home is commanding a premium and mobile homes are not an exception. 

My premiums are about 20000 per year and unless i am crazy that is way too high. 

I know this comes with two mortgage insurance premiums.

This would be saved in insurance premiums over time.

Our annual premium is $651 with a 15% deductible.

I have no problem paying to have things done, but for the premium I am paying, your workmanship should be top of the line. 4.