Rental properties - Orlando

[Gustavo Lotuffo]

I've been analyzing deals in the Orlando area for the last couple of weeks (specific to Windermere, Winter Garden, Lake Nona, and St. Clouds) mainly focusing on townhouses 3 bed 2.5 baths or smaller after doing some analysis regarding the growth areas and projection in the next few years. The prices typically tend to be between 250-285K. Assuming a 20% down, HOA around 200$ a month, investments rates in the mid 3 with points, and closing costs close to 3%. We are struggling to find a property that can have a steady cash flow from day one. The CoC returns in our analyses are below 5% without including items such as property management and CAPEX, which we think might be low based on what we learned from BP books and podcasts. The bidding war is awful here, especially when competing with homeowners that don't care about going way above asking prices to get their "dream" homes, for us, it is another asset to our portfolio so there are no sentiments involve so it makes us hard to compete.
Is there anyone in the same situation in Orlando? Any tips from investors or ways to look at properties outside this neighborhood where we can have better CoC? perhaps go for it and maybe focus on the appreciation side? Any suggestion from local experts will be much appreciated it.