I have to disagree. I have a friend purchasing a property there, now around 20k. There are a lot of people who limit themselves by their lack of belief. I remember listening to RE investors 6 or 7 years ago talk about some of the deals they had made. Some of them sounded unbelievable. But I always thought it was possible. So, I just kept listening. And, now I think the deals I do are even more phenomenal. I'm buying properties between 10-20k, sometimes cheaper. I buy them with little down sometimes. I never use my credit anymore. Sometimes I don't even use any of my own money. I have nearly 50 rental properties, with a goal of reaching about 100 within the year.
I don't know Fort Myers market that well myself. But I know various markets all over the country. I have come to believe the best rental properties are under $20k. I say keep your eyes open. Check craigslist, newspaper, mls, yahoo etc. The best way to find them is to drive around, though. I'd be happy to share more. I love what I do, and I love sharing it with other people. There could be numerous situations you could find a perfectly good house at that price even in higher priced markets. I once purchased a property for $4,500 that had been listed for $19k. I actually had it rented before I closed on the property. They moved in the day we closed. I did end up having to spend less than $100 on the plumbing to replace some lines that had frozen. But it's been rented off and on for several years.