Navarre is located between Pensacola and Destin on the golf side.  

@Aaron Chittum Generally, yes...if your assumptions are correct for your market...judging by the purchase price, I would assume these are C-class or lower...so lots of deferred maintenance, needed upgrades, lower class tenants...possibly under market rents...or the need to stabilize through eviction...this is just an assumption and it's relative...my recommendation is always anticipate a cash outlay up front to stabilize properties and force appreciation and drive rents...then place it on cruise control...no need for property management and save 10% of your income....no maintenance costs or CapEx surprises either...Your ROI on these is pretty big...you could pay these off in less than 5-yrs if you accelerate debt paydown and cash flow very nicely...Most conventional lenders won't originate a loan under $50k...so purchasing individual may not work...and assuming CAP rate on anything with less than 5 units is pointless...while some appraisers may use income approach in tough situations...or even GRM...your value is based on comparable sales.

@Stephan GarciaWe just purchased condo in Destin STR and all the regular insurance companies gave home owner quotes, Geico, Usaa, Farm Bureau, but as soon as we mentioned STR they all said not available.

I have a property in tourist destination area in Southern California which I recently renovated.

Another destination for all us airbnb owners!

With no defined target, well your probably going to fail, because you have no destination and with that, no plan. 

Or maybe you retire to a destination where the cost of living is very low.

You can do some diligence through crime heatmaps, cruising through Google Maps, etc. but it just can't (for me) replace driving through the area itself.  

Here are the rough numbers:The property is a 4BR cabin at the edge of the Great Smoky Mountains - a popular tourist vacation destination in Tennessee.

You'll want to get the deed right away like any subject-to,  and close the rest of it in due course.David J Dachtera"Success is not a destination.