In my opinion the ROI is significantly higher in Naples then the Cape.

Of course, your specific block may be higher or lower.

I would put those in an order so you know which ones have higher priority.

If you can find a lender willing to give you a 2nd mortgage it would be at a HIGHER rate because its in 2nd lien position and therefore more risky.

Turnkey companies sell these properties to out of state investors at substantially higher than market price prices.

They may pay 10% above market rent, but it won't be the higher amount you used above. 

I have violated my own policies for RE, but that's due to scaling and because I am a believer RE may support higher levels.

Turnover is higher than suburbs.

Demand for February/March move-ins should see a notable uptick sometime in January, but you'll for sure see your strongest rental demand in late spring/summer.Your most recent post mentioned that you were going to look for someone for a 6-month lease - I think this is a great way to approach it to minimize vacancy loss while biding your time until we get into the higher demand summer months.Getting creative with your lease term and credits/concessions could also be a good way to solve a few potential problems in one shot. 

If it's a matter of a quarter point but the more expensive debt is with a bank that offers better other terms like amortization and LTV, and they have a rock star loan officer, I'd go with the slightly higher interest rate product.2.)