As matt has pointed out "Investment property" is a broad term. It's important to see the whole picture and have a plan that includes you "Investment Property" from the beginning........
Will you focus on seasonal or annual rentals- We like seasonal rentals because, in the right location a 4 month seasonal rental will nearly net as much as an annual rental. This will allow you to check on its condition periodically as well as open it up for your personal use.
If you are considering a rental investment, more important than the price, is whether or not the general location has a large number of annual visitors that are looking for 1, 2, 3, or 4 month rentals. Typically these locations are within a close proximity of the beach, convenient to shopping, easy to get around in, offer a feeling of security, and offer recreational, social, & cultural experiences.
As a means of comparison we have a brand new 2/2 with a den, first floor condo, located 2 miles from the beach in Venice. Currrently priced at $199,000 and meets all of the above criteria.
Hope this helps....
The "Eckler Team"
Century 21 Almar & Associates
Venice, Fl 34285