I have no idea where you get the notion that in renting you will do little renovation and get the best dollars compared to other stuff .

After purchasing this property, comparable homes sales went up by 50K, making this a low risk investment to remodel and turn into a "themed" vacation rental.

After purchasing this property, comparable homes sales went up by 50K, making this a low risk investment to remodel and turn into a "themed" vacation rental.

If the same property cash flows $800 per month ($9,600 per year) without a mortgage then it returned 9.6% compared to the $100k investment. 

Compare that rate to Cary, NC with a 17.3% growth rate over the same timeframe. 

I always analyze what my competition will be like at the end of the flip (active comps or active projects) and then look at what the comparable are (closed sales). 

Their appraisal appraised $90,000 less compared to mine. 

Aside of things like properly identifying parties, property, competence of the parties, mistake, fraud, meeting of the minds, etc, there are three essential elements required to form a binding contract:Offer - one party offers to sell, lease, or otherwise transfer ownership of an item to a buyer.Acceptance - the other party accepts the first party's offer.

You should definitely shop PMs and understand what comparable units are renting for, their condition, amenities etc.

I'm not saying you shouldn't look at this area, but compare it to at least one other market.