You'll want the rents to at least cover the monthly principal, interest, taxes and insurance (and HOA if there is one).

Florida and Gulf Coast insurance should be a concern. 

While we don’t have state income tax here we do have the hurricane tax that comes with high insurance premiums and little real insurance benefits/help when it’s needed.

Taxes and insurance will be another $400+.

Just make sure you have stable finances.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

The moral of this story is to have good home owners insurance!

You should allow a 1-2 Weeks for the appraisal, and 1-2 weeks for title and insurance.

You want an investment that pays for itself, including mortgage, taxes, insurance, maintenance, and even some money set aside for a reserve to cover vacancies and capital expenditures.

Many of the recipients are single mothers who actually want to find stable housing for themselves and their children so initially they are looking for the best house they can find and it is only when time is running out and their voucher is expiring (Yes that is a thing) that they begin lowering their standards and will settle for a cheaply put together home.