He was going to take the money, rent an apartment nearby.

Especially visiting in the summer or off season when it wouldnt have a high occupancy or a high nightly rate...and it would also make more sense if one planned to spend a decent amount of time there themselves as well.Unless one was willing to take a more active role with the management (Vrbo, etc) and maybe even cleaning if lived nearby. 

I looked into a few nearby vacant properties, some unkempt, out of curiosity, tried to look up the owners.

Lagoons are a no-go unless there is city sewer nearby to tie into when it fails. 

I already had a presence in a local market near by, so it was an easy progression.

For my first property, i would rather stick to tried and tested areas- whether PCB or Destin or nearby beach towns.

I'm near by in Shrewsbury and invest mainly in Worcester.  

Add nearby hot spots, as was suggested above.Harder fix: Get more reviews and get over the 4.9 Star threshold!

-see if a business near by wants to rent it (ie car leasing company who needs more parking space). 

I would look into the NE side of Evansville(47715) as well as the nearby town of Newburgh(47630).