Personal opinion-Residentially, with the exception of the houses on the block next to the beach (the 1.5M ones), the beaches have been riding on the fact that they're next to the beach.

Whereas, the long game of buy and hold real estate just rides through the down periods and allows you to continue growing your account by averaging your portfolio down during the down periods and buying back up in the prosperous periods.  

., if your bad feeling about the next 12 months proves to be justified, I'm not sure that having (only) 6 months worth of reserves will be enough to ride out the storm.

With a 6% cap rate it isn't a terrible cash flow play -- and there's a potential appreciation ride. 

Take pictures.Farm an area - drive, walk or ride a bike, but take your time.

Not covering water in Florida is like not having adequate wind and hail storm in Oklahoma or no Earthquake in California.

truthfully its not that bad. and is close to town. 10 min bike ride, the wave of rebuilding is on its way.

But all other things being equal I would ride this out for a while.

The over riding factor for me is the market the deal is in.  

It's been a wild ride and each position has taught me new skills.