I think that there is tremendous upside to the Central Cocoanut area in the coming years. You probably already know why it's a great location, and it is a neighborhood with some history and charm. As you have seen, you can get a small single family home for a reasonable price. This should allow you to make some improvements and reap the rewards as the market rebounds in the coming years. I'd take advantage of current market conditions and make the best deal that you can today.
For those of you who aren't familiar with Central Cocoanut, it's basically along Cocoanut Avenue between 11th and 22nd Street, but the eastern boundary of the district is the railroad tracks and the western boundary is Tamiami Trail. There has already been a lot of redevelopment along the Trail (Broadway Promenade, San Marco, etc.) which spur future renovations and redevelopment within the district. This is a great neighborhood for access to parks, the arts, campuses, the bay, etc. I like the potential here.
Coldwell Banker Residential Real Estate
423 St. Armands Circle