We did purchase a SFH to live in as we have grown our family so we would no longer be house hacking.

Im in the process of purchasing a brick 2 unit from them.

With an FHA loan, you are not going to be bringing hardly any capital to closing (compared to a conventional 4-fam purchase with 25% down).   

.- Adjusted Purchase Price/ Max Bid: $210,840.80- I start with the 1% rule (thus why I start the analysis by looking at rent) and then adjust the price based on the potential pay-out from a cash-out refi and equity position on the property- more on this in a second. - Potential Investor payout (15%): $242,466 - Rehab total: $76,480.00- I just used $40/ sqft for an estimate.

However, after years of disciplined saving, I've finally reached a point where I can make my first property (a small apartment) purchase last year.

. - $50k is going to be really tight. 20-25% down on a property is not $40k on a 200k purchase.

@Tim Kaminski, Using the 1031 exchange will allow you to exit your older Pinellas properties and purchase newer properties elswhere that are not as big a risk from capital expense or natural disaster. 

If you're looking for somewhere fairly safe and consistent to store cash, land purchases in this area could be a good option.

Why do you think purchase contracts are so long and have such small print?

Based on my analysis, the recommended Purchase price is coming up way lower than the asking price.