Can you afford to rent it out at a loss?

Property is 2 blocks from Atlantic Ocean in the heart of beaches entertainment district.

Looks like the wealthier people who could afford the house dont want to be living in a house that overlooks the freeway... 

If a large percentage of the population is struggling financially do they have trouble affording rent and avoid it?

@Bryan Milian1- One month of market research on major metro areas2- Two weeks of talking to leading agents in your top 3 markets3- Four weeks of learning the markets4- Offer, offer, offer- stick to fundamentals...long-term buy-and hold small MF (your available cash will be the number one factor in determining what you can afford and what locations you will end up buying in...you'll be comparing apples to apples in your top 3 markets...as long as you have a top agent, you'll be golden)Best of luck 

Folk are moving out that way for its affordability.

I'll be doing the vast majority of the work (at a professional level) myself so I can afford to throw some more $$$ towards materials to really make the building stand out.

If you’ve got the funds in the HELOC and can afford the payments that should be fine.  

Very affordable and small/family-owned.

The reasons varied, but included not being able to afford closing costs or credit score that weren’t high enough to qualify.