Also, unless you have a ton of capital and you are playing long-term appreciation, then you need a decent ROI.

Your knowledge of the market should come into play in this decision as well.Maybe your comps don't have pools, but maybe they do have in-unit or onsite laundry and your tenant demographic has that expectation.

That plays a role too.For rentals I'm personally a big fan of any sub in the northeast where you can be all in (purchase + repairs) for 80-150K.

But between State of Florida putting a hold on evictions and moving targets on opening up the economy again, I've opted to pause for now to see how it plays out. 

That's how I'd play it as a lender anyway.Furthermore, it's a bit unclear how the depreciated value here comes into play.

I'm lucky that full time job allows me to WFH so that's taken up a big chunk of my time, but for self educating, I've attended a couple of virtual meetups and I'm currently switching between:The Canadian Landlord Guide - Expert Advice to Become a Profitable RE Investor BT's The Book on Investing in RE with No Money DownMy wife and I have also been playing a lot of Scrabble so maybe that counts as self education if my vocabulary gets better?

Still waiting to hear how this one plays out before I make any decision.

If you want to play audit lottery....that's on you.My job is to tell you what I think the law is. 

I also have a short term “play” portfolio.

I’m going to take your advice and play around with my numbers.