My wife and I live near there, in the Cypress Village area. 

Even if we took a decent correction, I believe these vinyl villages offering affordable housing and quality neighborhoods would demand tenants.The biggest thing to worry about in this particular county is increasing property taxes for "non homesteaders". these are what will eat us alive as they are currently doing!

To me that is Charles Village, you will always have renter, however prices are high, so  details of what you want to do needed to give you better idea about it.Best type is a town house these days. 

So the box Vinyl Village type homes is the current build (mixed in with townhomes, duplexes, quads).Now back to your 10% Cap rate this is why most international folks are going to get burnt and other folks will as well.

However, about 10 years ago there was a planned community development called The Villages of San Luis Laguna (very close by) that was approved by Merced County.

Im in a little Town called Bushnell which is in Sumter County .. the same county The Villages is located in .. and the reason i love it is I live in the county ( kind of ) I have almost 2 acres ( but there are a lit if bugger parcels here ) and I am only 45-60 min from Tampa, Orlando and a bit longer to Lakeland and Daytona ( about 1hr 15 min ) , I can get to Ocala in just under 35-40 mins and all the towns surrounding these bigger citys are just getting better investment wise everyday .. like Inverness .. its only 15 miles from me and there are a lit of 3/2 homes still priced at around  $50k-$75k and need a additional $12-20k worth of rehab but thats to flip them .. to rent them most only need $5-12k and the rents inventory is very low right now .. the normal 3/2 rents for $1000-1200 depending on sqft .. for the most part rents are anywere from $650-1700 depending on size and bedrooms .. but I hear from a really reliable source that the city is looking to add 2 new big manufacturing plants, can't say who but, they are supposed to start by the end of 2017 .

However, our village mailed us a letter saying that we are in violation for 'advertising' our house so we removed any pictures of the exterior and haven't heard anything.

There's plenty of work for licensed trade guys right now and they don't want the village to come after them.

HampdenPatterson Park Upper Fells Point Belair-EdisonFrankfordRiversideHighlandtownWashington Village/Pigtown This could be either buy and hold, or fix up live in it for a while refinance move on or even a straight fix and flip.

I personally would look at small multi-family housing opportunities or even pre-construction purchases in some of the new gated "villages" as a housing shortage is surely imminent!