Your $300K has a opportunity value of  10% ( + or -) which equates to a income value of $2500/month ($833 X 3).

You need to take emotion out of the equation.

Since you are in Florida, uv levels are higher as  you move south towards the equator do to more direct line of light. 

While you may be able to stretch the time at first, this doesn't work indefinitely to scale (ie what's your next step)If you don't figure out the financing part of the equation (ie your credit etc) then you'll be stuck waiting a LONG time for cash flow to get you to the point where you can do something after this kind of deal....

I really could use some feedback, and my intention is to get feedback from the more experienced members, on both sides of the equation, not to spam, or the like. 

I equate it to having a pool, and the pool has a diving board and slide.

For those who don't accept prepayment, all other tenant screening considerations aside (so it's apples to apples, no criminal history, etc.) my view is that one risk item (non-payment) is removed from the rental equation.

As per the book  "The Book on Rental Property Investing" the equation I added in the original question, is what they go on.

If you're talking about investing in real estate, usually lower ROIs equate to lower risk investments. 

I have a couple of questions about your opinion on adding a rehab into the equation.