However, it's in Panama City Beach and medium/long term rental properties are in short supply right now and getting an absolute premium. 

There's some serious competition at this level though because these places generally only needs light to medium rehab ($5k-$10k).

I hope it’s a good area to buy a mid 5 CAP with a medium amount of time left on (imo) a dying businessIf this doesn’t have strong land value backing it up I’d try to get better pricing.

@Jay Hinrichs..Not Mello Roos, but the city is doing an assessment district; pretty much the different medium, same thing. 

Great for a small to medium size landlord.

Not expecting a large CAP rate or much cash flow initially but hoping that will change in the medium term (~ 3 years).

I would like to know what you think about the real estate market as a globalized and interconnected medium.

but anyway its sounds  good, the top markets like DFW, LA etc are priced at 4%-5%, mage 6%. for A -B products unless you see rent growth (which is slowing down) how much cash flow or equity growth are you seeing in the medium term? 

My goals are to aggressively pursue small to medium multi family opportunities with value-add features.

If you're able to go that route you can proceed with your Coastal Permit/Planned Development permit afterwards without the hangups about setbacks ect.Also....on those old railroad lots your legal setbacks are 3' for substandard lot widths.