Maybe it's in the lower 300K's which is better

These are some of the ways the clients could be affected by property managers who are not prepared: Extended VacanciesInadequate marketing strategies and tenant screening processes can result in prolonged vacancy periods, translating into substantial lost rental income.High tenant turnover due to poor resident relations further exacerbates vacancy losses.Inadequate Maintenance and RepairsNeglecting preventive maintenance and delaying necessary repairs can lead to accelerated property deterioration and higher long-term repair costs.This can also negatively impact tenant satisfaction, contributing to higher turnover rates.Legal and Compliance IssuesLack of knowledge or disregard for landlord-tenant laws and regulations can expose investors to costly legal disputes and penalties.Failure to properly handle security deposits, evictions, or fair housing practices can result in significant financial liabilities.Ineffective Financial ManagementInaccurate budgeting, expense tracking, and financial reporting can lead to uninformed decision-making and missed opportunities for cost savings.Failure to optimize tax strategies and leverage available deductions can further reduce net returns.Diminished Property ValueInadequate maintenance, high vacancy rates, and poor tenant screening can negatively impact a property’s perceived value and appreciation potential.This can significantly affect the long-term return on investment when it comes time to sell the asset.While a 10% management fee may seem reasonable for a well-performing property manager, the cumulative impact of mismanagement can quickly escalate the effective cost to investors, potentially outweighing any perceived savings on the management fee itself.

Except it's expensive.

I moved to Columbus a few years ago (from Portland, Oregon which was super expensive) to become a full time real estate investor, and ever since, I've completed quite a lot of BRRRRs, flips, and own a successful rental portfolio here in Columbus Ohio.

We could take that equity and purchase a more expensive home in an equally desirable neighborhood in our new city and push the leverage.

They are all really expensive but if it results in acquiring a large asset (or many), it is an investment I will gladly make.

if you can build at 50% of after value I'd hire you and I build the cheapest of anyone I know in our market and minimum rates. there's 3 builders that build at our rate. only place I can get us to 50% equity is in miami florida and that is new construction that is selling at $1000 per square foot and up and high density 300+ unit underwriting with incredible economies of scale. columbus has lower construction costs but lower exit. we focus on urban core. my best suggestion is look at urban not suburban for higher valuations. you can't control what new construction appraises at so do it in less risky areas. 

But having worked for one of the larger syndicators with about 13k units under management, all in suburban areas of the major metros in SE, the one beds typically did NOT see any noticeable lower occupancy rates than the twos or threes.  

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Landlords are asking high rents to help cover their increased operating expenses, mainly property insurance, which high skyrocketed over the last few years in FL, especially in the areas that you are looking near the beach.