I'd say it outperforms its price by a good 20% or so and if your contractor likes working with it and you like the quality, then I wouldn't balk at it.

Personally, I love STR's in this area and they are currently outperforming long-term rents.

By year 15 it starts to positive cash flow; additionally with the profits from tax breaks, equity, and appreciation  I will greatly outperform just about any other form of investment I could take on with just $200-$300 per month. 

Still 10% down on a property that will out perform a LTR in cashflow and appreciation. 

In my experience (admittedly not in Jacksonville), the inexpensive stuff tends to be more volatile and therefore performs better in certain parts of the cycle and worse in others, but the more expensive stuff (not luxury, but nice modest homes in solid B+ hoods) out performs in the long run with lower risk and lower volatility over multiple cycles.

Syndicated "safe" money with well experienced operators who outperform in big apartment value add.

., will outperform multifamily in the near-medium term?

Interestingly, if you look at returns over the past 30’years or so, farmland as a general category has outperformed other investments.

I've also had fixed return (10%) investments in other IRAs for over 5 years and they have massively out-performed the 401k WITH contributions.  

You may try and outperform that by looking for section 8 paying 55+ renters but now you have limited your renters to essentially a niche within a niche.Could you find something and make it work?