Hi @Daniel K.
First off, let my apologize now if this answer is really long. I have a habit of trying make sure that I try to leave a person armed with as much as I can give them. I could have asked more questions of you to see where your level is at, but anyway if you don't need all of this, maybe someone else reading your thread will.
You're thinking about buying and then looking into renting it later, we just don't know what that later date is for you. Depending on that, the answers could be different. It can help determine other things as well. What type financing to use, loan programs available, etc.
As for what you can get for the dollars you mentioned. $300k - $500k can get you a substantial home in the Boca and Parkland areas. Much more that a 2/1, much larger than 1200sf and built well after 1950. But still it goes back to your plans because it can help answer questions like should you go this high if you intend to get out of it and rent, etc.
You should always be looking for best price no matter what your plans are. If it's a short time, then maybe you don't have to get into such a higher price range for it, thereby 1. Getting into something that you can avoid overpaying for. 2. Reducing the amount of financing you will need and. 3. As a result, a property that may be better suited to rent where those rents can easily cover your investment.
Depending on the house you buy, and how much profit you potentially have in it, it may be one that you sell outright and then be in an even better financial position to get another house to rent?
Bottom line here is, you knowing how long you plan on having the home as your primary, will help to better define your strategy for it.
Lastly...
I haven't done my first investment deal yet, so others here can speak to you from that point of view. But I am also an Agent.
To buy or not to buy now would have to have the same question answered and maybe more. I would say to get with your local AGENT/REALTOR or do your homework based on your plans. Prices and rates are going up and expected to continue. So you have to consider your options there. But to overpay? I can see that in the case of dollars over list price if it's a great deal, but not if list price and or overpayment means more than what the market says the value is, nope. But your comps and knowing the market should guide you there.
Consider that you know where prices are now and while you may not have gotten into the market during the times when they were better, do you get in before they jump any higher? A house today is $250,000 at whatever the interest rate, but next month, next year the same home is now $270,000 and rates are also higher. BUT, that same house can remain the same or conditions make it so that it has to sell for less. This would be your hope. But will it all play out in your favor? If you do wait, then you should set a threshold for what your absolute highest price for a home will be and watch the rates so you can try and pull the trigger should they go up as expected. Again, others active in the financial sectors and your representative may be of benefit to your decisions.
Once again sorry for the length, but hope it helps answer your question or for someone that may come after!
Regards,
-Marvin
