I'm asking about the feasibility of a rental scenario for a parent who is set to retire. A parent wants to sell their 450-500k home with about 150k in equity before they retire to a tax friendly state. They would use ...

U of A makes a lot of the market in Tucson, although there is a high demand for affordable rents especially in midtown and retirees moving from everywhere to sunny Arizona. 

From what I can tell there hasn't been a lot of new construction in the region for decades, and so the housing stock for seniors may be suboptimal.So you might want to look into property development for seniors, placement of seniors from SFR to multi, and flipping retiree SFRs as they move either to assisted living or to warmer climes like Florida. 

Then I'd become a normal retiree with a traditional pile of money.

A YT I like that's an 'early' teacher retiree is Happy On Monday.Glad to have you! 

Add in demand for the land itself, increase in the younger generation aiming for household formation, in-migration to Florida from retirees or from other relocations, and your observation is spot on.

Have you looking into the Navarre Beach or Panama City Beach Market: 1 Location: Located on the Gulf of Mexico, offering beautiful beaches and crystal clear water. 2 Lifestyle: Navarre Beach is known for its laid-back, beachy lifestyle, making it a popular destination for vacationers and retirees. 3 Investment potential: Property in Navarre Beach can be a good investment since there is tons of new construction occuring on the beach and inland. 4 Community: Navarre Beach has a strong sense of community, school systems with many local events and activities throughout the year. 5 Natural beauty: Navarre Beach offers a variety of natural beauty, from the beaches to the state parks and nature preserves. 6 Quieter: Navarre beach is a quieter alternative to the busier beaches of Pensacola and Destin, but still close enough to enjoy the activities and amenities of those areas. 7 Military friendly: Navarre beach is home to Hurlburt Field Air Force Base, making it a popular destination for military families and veterans. 8 Affordable: Navarre beach offer a more affordable option compared to other coastal towns in Florida, making it accessible for first time buyers or retirees.Rentals, appreciation and gentrification is happening in these areas with new price point emerging due to infrastructure being built out. 

There is a Clark Howard research piece about how retirees with paid off mortgages are happier than ones with mortgages.  

Secondly, over the years in my profession I've noticed a reoccurring theme amongst the retirees.

Known for attracting retirees, snowbirds, and international buyers, Florida’s real estate market sees consistent demand regardless of the season.