I am looking into making my first short-rental purchase to use as a vacation home to escape our current climate during the winter months around the Orlando/Kissimmee Florida area.

When I ask for reasons I get cost of living, quality of live, moderate climate, fresh water access, no natural disasters and moving back to where they were from.From what I can see the trend to the Midwest is steadily increasing, but by no means as big as moving south.

There are several reasons: many people are retiring and moving here, We have better climate.

So that was the climate of the 50/60s.

You touched on something else important Elliot which is that some of those 'losses' in heat affect/warm areas of a multi-unit in ways that could vary significantly from one building layout, climate, etc to another................................................................................................................................................................................This is a real estate investment forum so the main audience here are investors, not engineers.  

You don't want to be miserable with where you're choosing to grow your portfolio, and many of these places have very different climates and very different vibes (ie things to do, culture, etc). 

Given the macroeconomic climate, I would expect cap rates to heighten in the next year or two.

Looking to network with active investors who own and manage Multi-family apartments in warmer climates.

The city's Climate Action and Adaptation Plan aims to make San Antonio carbon neutral by 2050, with significant progress expected by 2025.

For leverage of 50% or less any worries are psychological with little chance of consequences moving beyond the specific property leveraged. 50 - 65% could go either way depending on economic climate, specific property attributes, management, etc.