Gulf Area Beachfront Property Strategy

[Cameron Pletcher]

Hello Everyone,

My with and I are new to Bigger Pockets and Real Estate Investment. We are interested in building a portfolio in the Gulf Shores/Panhandle FL area. 

In doing some initial analysis I'm seeing property some properties that are decent value and potentially within our budget, but are fairly close to market values. Being that I'm looking at vacation rentals and condos directly on the beach, it is difficult to find BRRR type properties, I'm calculating that if I can have vacation rentals 15 days a month on average, it provide enough cash flow that it makes my ROI worth it even though I'm not necessarily making money on the initial purchase price.

When it comes to property like this, is buy and hold strategy with the idea that cash flow is the primary profit driver valid? Or should I be attempting to underbid on the market slightly to add a little more cream on top? 

Any insight into this market would be greatly appreciated as we are new and we would be remote investing over time to build a portfolio in the area.