1.8 million bucks, rented for $8000/week and no working smoke or carbon monoxide detectors? Insanity. Utter insanity.
The whole Homeaway/AirB&B industry has caused the walking distance ocean front real estate to increase exponentially in the last five years. Any house within walking distance to the ocean has increased much faster than houses inland.
One of my buddies owns a house in York Beach, ME. It is a five minute walk to the beach. He rents it in the summer by the week for over $5000. He bought it five years ago for $550K. It is now worth over $1MM. He lives in it during the off season. The summer rental pays the mortgage the entire year. He originally rented through Homeaway. Now, he has a website because it is basically just repeat customers.