If you’re just going to do one or two flips a year keep your costs low.  

Most of my CFO clients that are in residential development are looking for IRRs (usually over a minimum 5-year period) in the high teens and the commercial developers are looking in the low to mid 20% range.

Cost to build is $350K (I am managing it all myself and calling in favors around the city to get low rates on materials and labor).

Many would suggest against RE investing using retirement money but if you go into low risk opportunities it can be a powerful diversification method.

Even though there is low inventory, interest rates are high, and many properties don't cash flow, look harder there are always deals, you just need to find/make them.

The area has certain advantages like shelter from regulation risk (pretty much as low as anywhere in the country if you buy in the approved STR tourist zones) and long term security (people aren't going to stop going to Orlando anytime soon). 

So, when Trump changes to no tax on tips I feel inclined to change my rental income structure.50% reduction in rent.Previous 50% made up from a mandatory nontaxable tip. 

The problem with averages is that a large number of high or low value properties can skew the figures either way.

I've seen some as low as 6k and as much as 14k annually.

Perhaps reach out to local agents who work with a lot of buyers in your market and see if any of them need a place to rent while they house shop (inventory is still low).