There are other cities in Florida with the same requirements and I am sure there are potential landlords that won't consider purchasing there due to the government sticking their nose in!

Some owners just want what they want and can't look beyond that and some of them will cut off their nose to spit their face. 

I'd rather buy that house for "cash" and pay up the nose for financing with a pre-determined "exit" strategy ( or huge cash flow rental). 

These "abused" tenants are probably paying a fraction of what their apartments are worth, and landlords aren't even allowed to kick these tenants out even if they sell the place, without facing really stringent rules and paying through the nose for the tenants' relocation. 

Suffolk’s got a lot of old folks living in “time capsule” / out of date but well maintained houses, If you yellow letter to them you might stand a chance but likely their kids will have their noses in it because that’s their inheritance.

This kind if hard nosed, practical advice is why I enjoy this forum.

So is your goal to buy cash flow at a 7 cap and nose it up over time with 3% rental raises?

I will find mine, just have to keep my nose in the dirt and mind set to the ultimate end goal. 

. :) Eyes that see like noses, we have.  

Been keeping my nose to the grindstone a little too much so far in this life, and have only recently realized the benefits and necessities of other sources of income.