It has a lot going for it, beach destination, many annual events e.g.

We are both residential appraisers working the NE Florida markets looking to transition over the LONG term to replacing our modest annual income through small/mighty single-family by buying in the path of progress where prices appear to be somewhat undervalued relative to long-term upside potential.

Let’s assume the property has $313,000 in NOI Valued at 6.26 M 5% cap loan $4,695,000P+I annual= $413,400> NOI5.216M 6% cap loan $3,912,000P+I annual= 344,460 > NOI4.47M 7% cap loan $3,352,500P+I annual= $294,708 <NOI cash flow +

Are you contesting your taxes annually? 

The market here is very strong and competitive- appreciation is at a very high rate at about 5% annually.

Typically, you can purchase an umbrella policy for as little as $300-600 annually that offers a million dollars of liability coverage.

"the typical home warranty costs $450 annually, and only 25% of premiums are paid to homeowners.

Are you looking to rent it our annually or seasonally? 

This fixated goal on "10k" of passive income is just losing it's power annually.

Even undeveloped land will have annual property and school taxes.I didn't look at that specific address, but overall those are some of the things to look out for