Terrible. 

The rent/price ratios are terrible and so far it seems like even if I can find the perfect BRRRR deal, the rent will barely cover the PITI (at least for SFR).

@Jerryll Noorden they are terrible

Background info: A+ area (wicker park), 3 large 3 bed legal units, 1 non conforming, 5 minute walk to El, quiet desirable tree lined street, huge ceilings, tons of light, original millworkCurrent Rents: $7220 (3x $2000 + $950 accessory unit + 250 garage)Price: Under contract for 1M, expecting about 30k in buyer concessions (nothing major, but seller indicated flexibility to address anything)Pros: 40 year owner, new roof, new windows, new garage, recent boiler/water heater - stout mechanicals, easy to duplex down into basement to make 4bed / 2bath 2250 square foot unitCons: window AC, radiator heating (3 separate meters, but one tied to boiler - owner covers heat), single coin op laundry, porch in usable but older shape, older kitchensComps: $1.15-1.25M for similar but upgraded rental (not condo standard) units.Option A: Do nothing:If I were to do nothing at all and keep rents (below market atm - at 20% down (interest rate is unfortunately very high, but such is the time - 5%) with 4% loaded for fees, $200/month for radiator gas in entire building, it's cash flow $0, CoC $0.Now of course you might be screaming this is a terrible deal - I think there's a lot of value add here for a unique building in a prime area. 

In the past, when I've needed to remove tenants (either because they were terrible, or because I need to remodel the unit), I will offer them their full security deposit back (doesn't matter if my plan is to remodel anyways, plus $1,000 cash at move out, assuming they leave the place with all of their personal property removed and in reasonable shape. 

Your a realtor and you think the returns are terrible?  

I don’t have a high paying job and my terrible inspector missed a ton of stuff and we ended up redoing the whole house.

Granted, great tenants on paper can still be terrible, but in general this rule applies.Lastly, Florida is the third largest state in the US by population, over 21 million I believe.

This mistake would have been bad enough, but the timing was terrible. 

.) - I'm least interested in FL because the areas I like have terrible flood predictions for 10 years down the line.