Not very desirable although price inflated because of large population demand.Palm Bay or Vero Beach/Sebastian would be a little cheaper, but you get what you pay for.   

Since it is brand new and in a desirable area, i suspect vacancy will be exceptionally small (jinx?)

Class B is a bit riskier in a secondary market, meaning more unknowns for the buyer, resulting in a higher cap.Cap rate compression is when an area begins to see a lot of investment and new product, making it a more desirable area to place capital, which in turn compresses cap rates downward making the real estate more expensive to purchase.That was a very long winded explanation, but being able to decipher cap rate trends allows you to see the up and coming markets as they happen.

Just to give you some areas to look into: the Wekiva and Sweetwater neighborhoods, Bear lake Rd area, and Country Creek neighborhood (1000+ homes) are all in highly desirable school districts.

Buy in a desireable area and it will be easy to rent out rooms.

Those properties will sit on the market for months and then wind up being occupied with a less than desirable tenant. 

Cap rate is a measure of how desirable the properties are in certain markets.- Just within this thread, there are at least two posters saying "higher cap rate = higher risk".

IMO, these are more desirable as a long-term investment because you're not beholden to an HOA, and if you buy right, I think you'll realize better cash flow.I live and invest here and would happy to answer any other questions if I can be of assistance.

It's in Tampa near the water so I just figured it could fit the more high-end, modern look that is desired there than the old school low ceilings.

Definitely don't have the time/patience/desire to reproduce an IC site!