This place is old, beat up and 17k isn't going to turn it into a freshly built house.Insurance $40.00 (4%)Management $100.00 (10%)P&I $322.09 (32%)Property Taxes $23.42 (2%) - I believe this it what it is today, though I doubt it will look like this going forward.

@Philip Cook If you are thinking of STVR ask yourself in Stevens Point who would want to vacation in one in Stevens Point in a multi family area when they could rent a cabin on water?

Structure shift (at least in my area) typically is caused by poor water management.

I was also going to suggest turning the water off from the inside. 

It is brick exterior with casement window and has water damage beside the windows (interior plaster is flaking/bulging).

(For example, upgrading water service or wiring or a new roof for the  entire building, a proportionate percentage of that should be a QRE toward the rental unit.)

You remediate the exact problem - mold comes from water leaks/intrusion - and forget about the rest of it.

The specific units I'm looking at are 1 BR/1 BA with a water view and poolsCan sleep anywhere from 2-6 with the addition of a pull out couch and a small bunk area for families$220K (Unrenovated) - $250K (Renovated) Similar units in the same building rented for $29K (this year) but "Closer to $36K in a stable year" (per management) My guesstimated costs will be $1500-2000 monthly using a 10% down vacation home loan, I'm considering using this management company at 26%The location is Tybee Island, Georgia.

If you can put mobile homes on your land, then you'll have to start figuring in costs to acquire the homes, pay for the move, and hook ups (i.e. water, electrical, gas, etc). 

I've been on here for quite a while and became knowledgeable in investing, so much that my clients felt 100% comfortable with me regardless of how fresh I was in the game.