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The rental sounds good. $100 net cash flow is not huge but at least it is something. Why not try and get a few more? Buy a few foreclosures. College is a must? I am huge on college but will it pay off for you now? I guess if you were my kid i would say go. The parties, girls etc are worth the cost and you get that degree thrown in.
My experience with rental in resort towns is that they suck. The rent is so low as so many are empty in the off season. I own a condo in FL in a pretty nice area and the other people rent them for the cost of the expenses.
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