My hesitation is that the geographic area isn't ideal and both properties have tenants on a 5 year fixed rate lease (with option to renew at same rent).

They are driven by comparative market analysis based on comparisons to equivalent properties within a mile or two geographically, or more depending on a few factors. 

Then you also get into credit of the tenant, years remaining on primary term of the lease, population levels, income levels of the area, crime levels, LTV of loan, length of fixed rate loan desired, full recourse, partial, non-recourse, amortization schedule, etc.We haven't even gotten in to the borrowers info yet.You would really have to expand and be more descriptive to comment further.  

Like in the description it says subject to the lease with the city?

but you will certainly eliminate some of the geographical and consolidation risks.

Also let's ignore the other 99 percent of the land area of and around Pensacola that perfectly fits my description.

This regulation generally calls for a specific description of the relinquished property in writing, signed by the taxpayer, and properly transmitted to the other parties to the exchange.e.

5000ft view.Location, nice property, amenities, great pictures and description.

I would suggest that if you are buying multiple properties, It may be best to look for the majority of your purchases is a similar geographic location.

I just put on my Instagram description “pediatrician looking to transition out of medicine into real estate investing”.