What occupancy percentage and turnover cost did you factor in?

I removed our debt (P&I) all other expenses have been factored.

When evaluating markets for rental properties, there are a lot of factors to consider: population growth, employment rates, rent to price ratio/GRM/Cap Rate, rent trends, vacancy rates, etc. 

That should really be the deciding factor...is it necessary and a large enough project to include the permit process?

Not only for the census ending in 2020 but also the projected population from 2020 to 2025.I agree that population increase is important and should be factored in when analyzing a property. 

Of course, every owner's situation is unique and factors like the legal entity involved, purchase date, adequate passive income that can be offset with the cost segregation study, etc., will need to be considered.

Sapphire is much more of a vacation home community.The deciding factor for me was that Sapphire and Cashiers don't have a lot to do, except for golf and hiking.

Financing is important but your realtor will absolutely be the determining factor whether you purchase correctly or not. 

Have multiple exit strategies, do not be over leveraged, and make sure you are factoring market changes.

Whether these factors outweigh the challenges is a personal decision.