You will be able to find a 2bedoom / 2Bath almost anywhere in FL. I recommend looking at the transaction form a pure investment perspective and isolate a few areas with the highest Yield. Don't get all caught up in what you like. It's all about how to make money.
Example, in the West Palm Beach area, you can achieve 10%-14% return after expenses on a property. Not bad considering the banks are paying 2% on your hard earned money.
Look on the outskirts of areas with high industry and commercial business. Generally these are where people who work in the area, will live.
Based on your $55,000 budget, your expenses should not exceed: $4200 year with $900 month income to have a 12% Return. Expenses should not exceed 38% of the Gross Income.
The $4200 will include Condo Fees & Property Taxes. You should not have any additional expenses other than maintenance, which is not factored in.
I hope this helps.
If you are interested in Palm Beach County, please give me a ring.
Craig Fialkowski GRI, CDPE
Herman Group Real Estate