A $500k property should produce gross annual income of +/- $50K but can generate as much as $65-70k with the right location and amenities like a hot tub.

I worked for a bar company and we went around grabbing beat up spaces and turning them into hot nightclubs. 

Chosen right, some of those South side neighborhoods may become hot, and give you large amounts (percentage-wise) of appreciation.

I remember once I was in a nice area of ATL at a closing and the attornies office was hot I asked whats up he said his two condenser got stolen that night LOL.. its a very active sport out East of the rockies we just dont hear of this on the west coast..

Just trying to gain a sense of hot or cold. 

Tampa’s market has been hot, but if appreciation slows or reverses, you could miss the window to maximize your gains.Exploring a 1031 exchangeA 1031 exchange could allow you to sell the property, defer capital gains taxes, and reinvest into a property with stronger cash flow.

One misstep and you could be in hot water. 

Dry and hot.

In a hot market, the unobtainable thing is the most valuable.

For example in a hot area of Houston I have a 30 unit. 20 of them are in a courtyard and 10 face the street.