It seems we need to generate some cap gain, whether that be ST cap gain, LT cap gain (including 1231 gain), 1250 gain, or collectibles gain...doesn't matter.Sure, we can find a hedge fund that will stuff him with gain, as a previous poster mentioned, but the underlying economics of the investment need to follow the allocations if they're to be respected for income tax purposes, which should be noted, even if it isn't an issue. 

Economic Update(Monday, October 5, 2020) The economic collapse sparked by the pandemic is triggering the most unequal recession in modern U.S. history, delivering only a mild setback for those at (or near) the top and a depression-like catastrophe for those at the bottom of the economic scale, according to a Washington Post analysis.

In my opinion, the appreciation of the property is only useful if it can be leveraged to purchase another property without impacting the economics of that property (or you do a 1031, which I haven't done but know the basics).It sounds like you've already run some numbers and you asked if there was anything you missed, so I'll just list all the potential costs we have here in Boston.

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Another is Cap Rate but that's usually for 5+ complexes..I'd say your appreciation of 3% is a sensible and conservative figure - we traditionally forecast 3% growth ( appreciation) as an economic yardstick - Florida property has exceeded the 3 % appreciation for several years now.Hope that helps.

These markets seem to have immediate growth potential, but what is the economic underpinning of their economies? 

On your first renovation property it will be a very hard sell (always, and doubly so in this economic climate of confusion) to get any savvy investor to fund 100% of purchase price, holding costs, and rehab costs.My advice would be to use the cash you do have to partner with someone in your area who already invests successfully. 

I would have had none of those things if I hadn't made the move right at the start of the last economic crash.

The economics, financial, social and mechanical and legal make it fascinating to me.

During my average D1 college baseball career, I took a huge interest in investing in stocks/real estate and acquired a couple degrees in Economics and Entrepreneurial Studies with a minor in Marketing.My partners and I formed a vacation rental management company about a year ago and are in the process of scaling in our current markets and expanding into new markets that make sense.