We have a place in Elvira and i guess your apartment (without an LFO although not many have in that area :-)) is at Los Lagos. Walking from Los Lagos to the beach would be a bind as the hill down to the Santa Maria bridge is steep and in total about a 30 minute walk. Having said that you have a golf course on the door step and the commercial centre is about 15mins away. Many of the rental owners in our development seem to rent successfully judging by the pain the renters give the community as a whole (non observance of community rules etc.) We don’t rent ours so i can only give you my opinion. I am also told that long term rent is the way to go, this info was from a lady in the development who key holds for many owners and finds long term renters for them, and as i said they do seem to be successfully renting. The clue here is to find someone locally who you can trust to look after your apartment i guess.
We love the area but that’s personal and i guess not much help really, although any school holiday’s the development is full.
Two web sites you may want to look at are http://www.laymyhat.com/ which is a site dedicated to people who own and rent apartments and http://www.madforspain.com who is a renter on our development and is always busy.
Hope this helps