Factor in vacancy.  

The moral of the story here is that vacancy is so low right now, especially in Tampa, that it is very difficult to get flexibility with your lease.

The city's appreciation, vacancy rate, cap rates are truly unparalleled when compared to the other markets you’ve mentioned.

That's not a "net profit" of $550/month because you haven't accounted for vacancy, maintenance, capex, or other expenses.

Does anyone have some really good websites for accurate up to date data for vacancy rates, median rents, average household income, etc? 

This is my first property so of course it's harder to keep my head in the game with %100 vacancy. 

Everything went well and I thought this could be a good niche but at the end of the day they don't always need a house and you really can't plan vacancies in advance. 

Look into factors like vacancy rates, local job growth, and tenant demand to pinpoint promising markets.Once you find a property, work on running the numbers carefully—factor in purchase price, rehab costs (if applicable), property management fees, and reserves.

If not, then serve the non-renewal and prepare to turn the unit as efficiently as possible to reduce costs and vacancy.

You will have income (rent), but then you'll have expenses: taxes, insurance, repairs, turnaround cleanup, eviction/attorney costs, vacancy factor etc.