Cap Rate for Single Family Homes in Pensacola, FL

[Gina Ma]

Hello BiggerPockets Community!

I am looking into the marketplace of Pensacola, Florida (specifically zip code 32514) to buy my first single family home as a rental property. I've been using the BP Rental Property Calculator to practice analyzing deals, and have come up with an idea of what my desired cash flow and cash-on-cash criteria should be (especially since these categories are well-covered in the webinars). However, I don't know what would be considered a "good" cap rate for Pensacola, FL. I've tried searching for this information on the Internet, but haven't had much luck since the search results aren't very specific, mainly stating that the definition of a "good" cap rate varies by location.

Does anybody know what a "good" cap rate would be for single-family homes in the Pensacola area? Any insight or links to references with this information would be extremely appreciated!

Thank you in advance,

Gina