Further, any other encumbrancers would be elevated in priority so it's possible that a second mortgage would now become a first and fully secured by the equity you paid for.

Another investor I know has a 1 level condo for sale but it is on the 3rd floor in a beautiful building that does NOT have an elevator.

Your property may be in a flood zone/area but be at a higher spot elevation that takes it out of that area, only a spot elevation survey can determine that. :)

I don't have flood insurance on any property, elevation is something I always look at, just part of due diligence from being around rivers and lakes.

This dearth of distress is another reason today’s home prices will remain elevated to stable, despite higher mortgage rates.

I run high level preliminary numbers based on my cost per square foot to build taking into considerations any difficulties or additional work the lot requires i.e underground parking, steel podium, elevator, ledge, etc.

But, I am hearing rumors about FEMA requiring people to raise the house to a certain elevation before they are allowed to renovate.

I can't speak for the norm in Ocean City, but here you have two separate expenses: 1) Your HOA fee which covers utilities, building insurance, maintenance of the pools/elevators/etc; and 2) Your management fee. 

I have been researching my local market and what I have found is property prices seem elevated and good properties are typically in contract within a day or two after hitting the MLS.

Are the units near the elevator or garbage shute - things that another owner (or renter) would find bothersome.