Is 10% CAP too much to ask?

[Thomas Petra]

Hello BP community, need your advice. I currently reside just outside Chicago and want to relocate to the North East Florida region next year. I am looking to invest in a multifamily units or mobile home park or parks, to get to 50K/year of passive income (will try to shed my daily job). I am very handy and not afraid to get down and dirty to make things work. Problem is I am up North and looking for opportunities down South, that limits my engagement with other RE investors down South. I analyze deals almost on daily basis for a 10 CAP investment property. I have talked to 2 RE agents so for with 0 results. Is 10 CAP too much to ask these days in the North East part of Florida? I am not opposed to broadening my geographical area, but to get my moneys worth I feel I need to be close to my investment property. I have been a rookie landlord for the last 7 years and own 1 rental townhouse in Jacksonville, FL and want to expand. How would you approach this situation?