We are focusing on the South Florida market (Dade, Broward and Palm Beach), trying to find that gem in our backyard.

And although I haven't yet read @Mike D'Arrigo's report (I would like to), there are probably some great gems in there that would keep you from making the same mistakes again.  

Older vintage product which would be C and D buildings being by the beach most likely in an A to B location were built on more expansive lots as land was more readily available.In most area land is now at a premium so things are much more compact and tighter.If you have a bunch of land next to the beach you might have a re-development play in the future.7.5% CAP rate on that vintage of a building is pretty weak.Most with that vintage want a 9 to 10% return.To drop almost 133,000 into a property for an annual 5,000 return if everything goes perfect is crazy in my mind.With that much money you should be able to leverage yourself into a much larger project.Given the age of those buildings when you re-model you will have to conform to the new EPA lead certification rules and procedures which run the costs up.What about deferred CAPEX??

I would really like to network with an investor friendly agent or any investors who can drop a few gems of knowledge on me about the tampa area.  

Most of the opportunity in Chicago lies on the South and West side with a couple of gems North as well.

You could do a lot of due diligence and find a gem, but there is a lot of competition right now.  

Ignore the bravado you hear, work with good locations and basics and success WILL follow.Those Craftman's are real gems and can be a gold mine *IF* you can control the expenses.Use your last efforts as a cost estimator for the next one - - after all, that was reality and no bravado. 

I like that vintage tile.  

Occasionally there are some gems on there. 

There are some gems in there though, absolutely.