Here's how I do my due diligence:1) Portfolio matching: (takes 30 seconds per deal)a) Have an educated opinion on where I think we are in the real estate cycles (financial and physical market cycles)b) Then and only then do I pick the strategies, capital stack, and specialized asset subclasses that make sense for that opinion.

Ultimately your bet in keeping it is that expenses (hoa fees) stay flat and you see higher appreciation (especially in rent prices) over the next several years.

To clarify this, you may need to conduct a thorough physical inspection or hire a professional appraiser or contractor to measure both levels separately.

For a property like this, even in California, I would anticipate at least a +7% CR.Additionally, betting on appreciation is speculative and not the best approach to long-term investing.

@Yanhua Sappin your best bet is to create a gameplay prior to landing in Tampa.

I moved here from Florida after seeing the projected growth.With little credit history, it will probably be your best bet to build up your credit to become more lendable, or to go DSCR so the loan is strictly based on the performance of the property. 

It would never appreciate to where it would be worthwhile and great cash flows on paper but not gonna happenI would bet this is common in many of these other urban low priced areas.

If you aren't clear on it, I would bet they have no idea either. 

Plus if you do not have a well established team to get your project finished up before the end of the summer selling season, you may not get the return you were expecting as holding costs and declining values are eating profits.Option 2 sounds like a safer bet, but yes you will have to cover some expenses and may have to carry the property with your own cash until rent prices appreciate enough over the years to cover your mortgage payments. 

I bet you can guess what happened next.