Where are the spots in South FL - Vero Beach to Miami

[Ryan Z.]

Hi BP - I have 1 rental that I finally have squared away and now I'm looking into deal #2.. I have 240k pre-approved and can come up with another 100k cash.  So 250-350k is my range.  This will be a hybrid as I currently rent the apartment I live in and would like to buy a place I can lease to vacation renters on FlipKey / VRBO and then stay myself during vacancies.

I'm currently living in Orlando, and I'm not too farmiliar with specific areas of the South Florida market.  All I know is the macro picture (they were hit hard and have come back hard (with mostly international buyers) but still have some room to grow in specific areas.  I also have seen that the areas vary significantly.. Super nice areas and the opposite (places I would not want to break down in) and not much in between...  I'm looking for a place that requires a little work that is in a nice safe area where I can lease short term and in a pinch also to a long term tenant.

I've been looking at Boynton Beach, Delray Beach, Vero Beach, Deerfield Beach... and even taking a very cautious look in the beach areas of miami for a super tiny place (300 sf :) unsure of HOAs although I expect them to be high).  Although I expect it to be far outside my range, I did not want to rule out Miami without at least looking a little..

Any suggestions on particular areas or even properties?

Thanks in advance.

Ryan

[Ryan Z.]

Hi can anyone kindly offer some guidance on specific areas of South FL where I can get a decent place for 300-350k?  Are there parts of DelRay to avoid?

[Dan Oliver]

Good morning Ryan.  Have you considered the short term rentals around Disney?  I have a lot of investors that love the returns and rate of occupancy for these properties.  Most come fully furnished with a rental history, prebookings with management companies already in place.  You can look at single family homes or the townhomes that have a nice resort feel for your clients.  Just a thought.

[Ryan Z.]

HI Dan - I actually rented one of those for a month when moving down from NY.  While they sound like a pretty good setup, I want something that is near the coast as I'd like to rent short term but also stay myself (I enjoy the coastal areas).  Call it an investment with a personal perk as I spend Monday - Friday in a tiny apartment.

I do appreciate your advice however.

Ryan

[Susan Gillespie]

@Ryan Z. I'll put in a plug for Stuart, specifically the southern tip of Hutchinson Island. I met someone who told me about Stuart, and had previously never heard of it. It's beautiful, nice but not pretentious, beaches are pristine, water is clear and it doesn't have the condo canyons found farther south. Prices have increased, but not nearly to where they were 10 years ago. I can see dolphins from my balcony, walk steps to the beach and listen to the waves at night. Heaven. 

[Wayne Brooks]

Condos of course would be a non starter, as the vast majority won't allow short term rentals.  As for Delray, yes there are sketchy areas blocks away from the "hip" areas around pineapple grove and the downtown revitalized area.