If  you are in the 20% range, you are better off going to the casino and putting all of your money on black and seeing what happnes.Since you are out of the area properly calculating cash on cash returns can be difficult because you have variable expenses to calculate. 

It's great that you're considering your options for attracting a broader range of tenants!

You are very likely to get in the range of $1,300-$1,400 if that is the market.

This widely depends on a few factors:1.

You have to grow your portfolio wide before you grow it deep.

Regardless of how many new homes are built, this doesn't increase the number of homes in this price range.

Quote from @Patricia Andriolo-Bull: If you don't mind non-waterfront, there are a few places in Marco Island around that price range.  

My main concern now is the unfinished porch.I'm receiving bids that are all over the map: some are as low as $1,300 for labor, while others range from $4,000 to $10,000.

Check on the property regularly to make sure it's not sitting vacant with a wide open door. 

At the end of the day, we are lumping a wide variety of programs into one general theme.