Analyze the area's economy, job growth, schools, and transportation, as these factors attract renters.

Our market is lucrative with a 30k employment Air Force base, healthcare, transportation center, Amazon etc as big employers. 

Properties with multiple ADUs are also ineligible for Fannie Mae financing.Did you see the Freddie Mac fact sheet I enclosed.  

It is in an enclosed gate area that can only be opened from inside the fence so I'm leaning away from using it as storage space while I have other guests staying there.

The growth of 1.6 million additional residents will require investments in infrastructure, housing and transportation, the organization added.The numbers were provided by the group’s research team with data from the North Carolina Office of State Budget and Management and the South Carolina Department of Revenue.

Having to go see a piece and pay for transport makes used less attractive. 

Whether or not it's the bottom, it's definitely a buyer's market in those areas, and they are nice, big cities with major transportation centers. 

I also enclose below the text of the relevant section for ease.https://www.flsenate.gov/laws/statutes/2020/553.79QUOTE(14) A building permit for a single-family residential dwelling must be issued within 30 working days of application therefor unless unusual circumstances require a longer time for processing the application or unless the permit application fails to satisfy the Florida Building Code or the enforcing agency’s laws or ordinances.UNQUOTEThe previous link to the City of Cape Coral citizens portal lets individuals see permit details for a specific property address, the progress with applications, and if not using a private provider the status of inspections.  

The previous homeowner enclosed the back porch and was using it as a 3rd bedroom.

Look at factors like proximity to jobs, schools, transportation hubs, etc.