On the other side of the coin a guy I used to work with got into the rental business in southern Maine.
He bought a cottage across the street from the ocean in Wells, ME. He rented it that first summer. The next winter it got flooded out in the worst storm in a hundred years.
The cottage got 2+ feet of water in it. He had to gut it down to the studs. Spent $70K rebuilding it. He decided to sell it. He made a small profit and was glad to be done with it.
The next year he got a call about the family living in a duplex about twenty miles inland from the ocean in South Berwick, ME. One of their kids had tested positive for LEAD PAINT EXPOSURE. He spent another $30K(or more) on lead abatement and sealing. He still owns that property. Luckily for him the people moved out and didn’t bring a LAWSUIT. It could have come from the neighbors house next door that had recently been scraped and painted.
He has made most of his rental income off his house in York Beach, ME. It is about five minutes from the ocean/beach. He rents it weekly in the summer as a vacation rental.
This summer he was getting about $650/night from June until Labor Day.