I've spoken with attorneys and architects about rezoning and all are extremely positive since the property is surrounded by commercial and office zoning and this parcel has been a long time coming.  

I do not know the PM's situation nor yours, but your time is extremely valuable as is his.

Lower-priced homes go extremely fast, yet every area is growing for the most part.

They are awesome and are extremely knowledgeable!

I loved the fact that several extremely experienced investors like @Jay Hinrichs mentions the real cold hard facts within this industry.

.$725 - $450 = $275/mo..............times 12 mos in a year equals $3,300 a year times 8 units equals $26,400 a year YOU are missing out on.By the way.....once the people that are paying $725/mo realize that there are others paying $450/mo ............and that they are the only ones paying this you will have extreme animosity from the tenants you just put in.Generally............not always.........but generally..........tenants that give you problems are NOT the tenants youput in, but the tenants you inherit.Have the property manager put together a nice professional letter to the other 8 units explaining how as the new property owner......you are coming up with a new lease and that includes bringing everything to market rate. 

I have paid thousands of dollars for people who I actually knew more than..was a complete joke and I was extremely disappointed.

You are probably better off tracking population changes and permits granted, projects started and projects completed.Even if you find a pattern, the extreme distortions in the market like abnormally low interest rates may make any conclusions questionable.I am not suggesting you do not try, as you will learn a ton in the process.

The real estate industry is very competitive and EXTREMELY expensive with  large overheads and you will need to spend a lot of money on marketing if you want to build it into a successful career.

In South Florida I'd say it's extremely difficult to find a property that would fit the 1% rule... probably if you start looking much farther out, maybe in central Florida?