That also seems excessive considering the people aren't turning over constantly. 

Prices in central Florida are appreciating because of excess demand relative to supply and also because of the amount of capital finding deals.

Dan, I am here in Pinellas County here is a statement form PinellasCounty  :Pinellas County requires a permit for any new building, addition, remodeling, or demolition, or work in excess of $500.00 or which would require an inspection. ...

But plans often go awry, "Stuff Happens," and it should be good to still have a nice fat credit card to fall back on in case of emergencies.Also echoing what @Scott E. just said.

The stock pronouncements of shoeshine boys would become forever immortalized as the emblematic symbol of the excesses of that period."

It is part of the business but 25 does seem excessive. 8)

Another consideration: excess square footage may present forced value add opportunities for adding an additional bed/bath

As he puts, it, "Fat lot of good it did me. 

bryan made some good points, but you seem a little timid about the market...that being said it may not be the time for you to plunk down all your money and overleverage yourself with debts in excess of 1 million..lending may be an option, but it's also great to have the purchasing power to close all cash. personally, if i had a few hundred grand, i'd put it down on a larger multifamily complex..you can get a steal right now that will really set you up for the future.

I do not include utilities with my rentals as I find it easier to manage and less risk if prices go up or if there is excess usage.