Florida demands insurance-first underwriting. Multiple major carriers have dramatically increased rates or exited the market following recent hurricane seasons, and coastal policies are now the single biggest cost variable in any Florida pro forma. Treat the carrier quote the way you'd treat a second opinion before major surgery: get a real one on the specific property before you write the offer, and don't proceed until it comes back. Every other number comes second. That discipline aside, the structural case is powerful: no state income tax, landlord-friendly law with an efficient eviction process, and home-value softening (-4.6% YoY) that creates selective entry points versus peak pricing.

Long-term rental markets

Jacksonville is the value entry among the big metros — homes near $282,000 renting around $1,595/mo (14.7× GRM). Tampa matches that GRM at a higher price point ($369,000, $2,095/mo), while Orlando pairs a $371,000 entry with a renter base that extends well beyond tourism. St. Petersburg rounds out the tier at $380,000 and a 16.2× GRM.

Short-term rental markets

Florida's vacation-rental depth is national-caliber. Sarasota and Panama City Beach both enter near $485,000; Destin runs premium Gulf pricing at $635,000; and Key West is the state's trophy STR market at $985,000. When guests shop listings side by side in markets this deep, themed properties and standout amenities often tip the comparison. In every case, underwrite insurance and confirm local rental rules before you model a single night of revenue.

Up-and-coming markets

The reset has been most useful in the emerging tier: Fort Myers ($335,000) and Lakeland ($298,000) in the Tampa/Orlando corridor, Ocala ($285,000), and Melbourne ($340,000) all offer entry pricing that didn't exist during the run-up — for buyers who do the insurance homework first.

The bottom line for physician investors

Florida rewards preparation: quote insurance first, use the -4.6% softening as your negotiating context, and let the no-income-tax treatment work on whatever net income survives honest underwriting. Landlord-friendly law keeps the operational side favorable statewide. Preparation also means people: the local team you build — agent, inspector, manager — will make or break your Florida results. Dr Home Investor introduces you to vetted local team members, including a Realtor match with boots on the ground in your target market, so you're not spending limited free hours on a blind Google search.