Probably no cap-ex as it's a condo, but you need to factor those in.This being BP, be prepared for the hounds to come label this is as a bad investment (which it might be) and say you must invest OOS.Personally, this deal doesn't look too attractive, but it sounds like you are buying it for much less than market value.

Is it the quick exit that attracts you and your wife to fix and flip or just a second stream of income? 

In order for the setup to be more attractive to me, I'd look for rents to be a little lower compared to other properties with just 1 family. 

I just worry about the differences in tenants that might be attracted to a not so nice multi family and if that would come with more headaches, but cash flow is cash flow so maybe it’s worth it.

Relatively attractive "cash deal" financing.

Thus, assumption deals aren’t all that attractive in many cases.

Looking forward to hearing your feedback.Cheaper homes attract cheaper tenants.

Many OOS investors set themselves up for failure because they don't truly take the time to understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.7) That OOS property Class rankings are often different than the Class ranking of the local market they live.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.

The passive portion of real estate is what attracted me.

A local agent will know the rental income numbers better, but Vero Beach will certainly have a more attractive price point than the bigger coastal cities in Florida.