I’m sure it will be depending on the dwelling area, but what is the rule of thumb?

Low beta markets (lower price volatility areas) like the Raleigh area will most likely have less dramatic (less steep) 'instant' price drops. 

Be sure you understand the city rules and ordinances for arbitraging a dwelling unit in the city.

its an appreciation market but we will have instant cashflow and multiple exits.

In my area the landlord pays the water when it is multifamily and one meter or when the landlord does not have a dwelling permit and doesn't want the city to find out that they renting the place without one.

John,As you may be aware, Homeowners and Dwelling Fire Insurance in FL is very difficult to get and afford. 

17.5k loan instantly forgiven.

I can be somewhat fastidious and some times dwell on small details, however, it is from a source of determination and a strong work ethic to strive for excellence. 

In some counties or cities, you are required to apply for a certificate of rental dwelling.

(a) Every landlord shall:(1) within three weeks after termination of the tenancy; or(2) within five days of the date when the tenant leaves the building or dwelling due to the legal condemnation of the building or dwelling in which the tenant lives for reasons not due to willful, malicious, or irresponsible conduct of the tenant,and after receipt of the tenant's mailing address or delivery instructions, return the deposit to the tenant, with interest thereon as provided in subdivision 2, or furnish to the tenant a written statement showing the specific reason for the withholding of the deposit or any portion thereof.