Building duplexes for rent in Sarasota, FL

Hi people,

I am in CA, but I have a friend in Sarasota, FL who suggested to try out building a duplex (or two) in Sarasota area and hold it for rent. There seems to be a decent GC available who estimates < $100 / sq.ft. Even if that is too optimistic and real price will end up being $130 - $150, I wonder what community would think about such an idea.

I am thinking of getting construction-to-perm loan (so I could leverage my cash) to fund this project. Also, if appreciation will go through the roof with all the baby boomers retiring and looking for properties like this - I am thinking about selling it in 3-4 years or so for quicker turn around.

I would appreciate your opinions as to what do you think will happen to Sarasota market in next 5 years.