Unless rates decrease a good amount that is.  

If you are looking to B&H than Cape Coral may be a better option as home prices are still decreasing and it is a great time to buy.

(toilets/termites/tenants) It would decrease my time at work where I generate significant seed capital, and that lost opportunity cost would exceed the real estate profits at least in first 20 yrs of my career.

I can see a case for near term price decreases.  

For instance, if your rent is $1000/Mo and the annual inflation rate is 5%, the buying power of $1000 will decrease to $950 next year.

But because of high prices and high rates most of the properties seem to be breakeven (at best), so this may be something to look into once rates decrease.

In a perfect world, you'd cash flow while you're there, but even if you are decreasing your living expenses, then you're winning.

Granted, they may come down slightly, but I wouldn't expect a dramatic decrease anytime soon.  

As the cycle lengthens, the cash flow decreases. 

Also be aware that there are prepayment penalties on these loans so you would need to keep it for 3-5 years unless you decrease the period which will result in a higher rate