Figure out what attracts you to it.  

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.

Welcome to BP @Isidro Rodriguez Jr,If you’re a first time investor, the properties you should be focusing on are the ones in good areas that attract quality residents, people who will treat your house like it is their own.

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

It makes your house more attractive and reduces vacancy.

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.

Fixed rates averaging 5.7% for GSE loans make multifamily development the most attractive financing option available.The Perfect StormThese forces aren't developing in isolation—they're reinforcing each other.

Older properties (100+ years) can definitely be solid investments if the numbers work, but there are a few key things to keep in mind:Systems & infrastructure — plumbing, electrical, and foundations often need major updates.Insurance — some carriers charge higher premiums or have stricter requirements for older homes.Maintenance costs — factor in higher reserves for ongoing upkeep.Historic value — in certain markets, these homes can actually attract strong demand because of their charm and uniqueness.If you have a solid inspection team and budget for the extra unknowns, they can be great opportunities.

MTR is decidedly less work, and with STRs saturated in my neighborhood this year and the increased need to differentiate in a crowded market, MTR is increasingly attractive.