Many of these are close to major Universities and "outdoor" attractions. 

This can sometimes make the deal more appealing despite the location or market conditions.Lease option or rent-to-ownThis could attract someone who wants to live in the home and eventually buy it.

Being a subject matter expert, not because you are forcing it, but because you simply ARE, shows through, and investors are rightfully attracted to that. 

Investment LogicWanting a property to be nice is fine - it helps with pride of ownership - but if it compromises cash flow, it’s better to step back.One approach: find a property that’s attractive but not extravagant - something functional, safe, and rentable.

The sweet spot is usually the number that balances efficiency with the type of investors you want to attract. 

Figure out what attracts you to it.  

In a declining market instead of lowering your prices why not eliminate the HOA as that would be very attractive to buyers 

Waterfront homes, particularly those with Gulf access, can command higher prices and potentially higher returns on investment.3) Tourism and Vacation Rentals: Cape Coral's proximity to popular tourist destinations like Fort Myers Beach and Sanibel Island makes it attractive for vacation rentals, especially during peak tourist seasons.4) Affordability: Compared to other coastal areas in Florida, Cape Coral offers relatively affordable real estate options.

The combination of these factors made it an attractive investment.

Should the seller not be open to carrying a note, the most attractive rate/LTV matrix would be through an agency loan such as Fannie Mae & Freddie Mac as they both allow intercreditor agreements for the mezz.Freddie Mac DSCR Requirements attachedFixed-Rate Conventional Loans: Generally 1.25x, but can be as low as 1.20x for select 10-year+ fixed-rate deals with a maximum LTV of 70%Floating-Rate Conventional Loans: A minimum of 1.15x is required at the maximum capped interest rateYou'll need strong projections to secure the mezz financing on this one since the DSCR is already tight, and you'll be at 10%+ for your mezz note.