Orange beach new construction house for str

[Natalia V.]

Greetings, we are beginners with str investing, went under contract for a new construction house, 3/3.5, 2000 sq ft, across the street from the beach, good area with many restaurants and entertainment. Having cold feet! Estimates say the rental potential is 55 to 75k a year. I notice a lot of competition from beach front condos of the same size. The community has 120 houses, similar size, all eligible to be strs. Large community pool, 2400 Hoa a year. The house is not on a water. We are  6 hour drive away, so plan to use management comp. No mortgage, so can skip the insurance (is it a good idea at all?). My hope is if it will not give lots of cashflow, at least we’ll cover the expenses and it will appreciate as the area will develop, inflation raises etc. My thinking- many ppl escape Florida now bc of taxes and insurance cost. Maybe Alabama cost will flourish soon. Any thoughts? Should we do it? Have to decide by Friday.