In inflation adjusted dollars, this likely is closer to 15 years to recover the $450k.  

Quote from @Carl Rowles: When you insure a SFH rental property, do you try to adjust and of the coverage amounts?

Miami is still doing well, Fort Myers is adjusting and has lower real estate than 12 months ago, etc..)My simple thought, for what it is worth, is choose a place to live and not invest in:  choose the location you and your family WANT to live in ( because of the schools, taxes, weather, other family there, etc...) and then buy and do real estate there (and get whatever licenses you need once you start third party management).I wish you well!

My only goal is to have all the details clearly spelled out so we can adjust price and deadlines in a fair manner as things come up. 

They looked at over 50 houses before they found one they liked and didn’t require to many technical adjustments to meet bank specs.  

I guess the only thing giving me hesitation is that it looks like housing prices are at all time highs even after adjusting for inflation:https://fred.stlouisfed.org/se...Housing affordability is worse today than it was at the bubble peak in 2006 if you believe Case Shiller data. 

The moisture issue and structural issue need to be addressed and you can do so before the insurance adjuster comes out.

This could be a huge problem, as the "the rent is too damn high" people will be extremely upset with huge surges in the cost of living, felt acutely in some major metros.3) 2027-2029 should see a return to a more normal inflation adjusted rent growth curve, with the caveat that if supply continues to remain relatively low, we could see national rent growth outpace inflation in these years as well, so long as interest rates remain high. 

The 70% rule is a solid guide, but in competitive markets like South Florida, it’s tough to stick to—many investors adjust based on their target profit margin or risk tolerance.

However, if you bought it and managed it as a market rate apartment, your experience would be very different.My point is, I can control how fast a unit turns simply by adjusting my asking rents.