I have several example of buy-and-rent clients. I am dealing with 3 right now buying in certain older areas for $70-80k. Putting in $5-10k in cosmetics and renting for $1300-$1800 depending on the rooms. Not to mention the one that is buying same price range, doing same repairs, and reselling for $10-25k profit in a short time.
I also can assure you that the rental market in S. Fla is crazy. I have been chasing an nicer rental home for a client for 2+ weeks. Everytime we make an offer it's either rented, or someone offers more.
My new site almost live. I will let you know TommyGun.