Orlando -- A good price range to start for invest in rental properties
Looking to buy my first rental. Currently looking in Orlando area. I live in NY, so this will be remote. I did most of the research on Zillow, so the estimated rental numbers all come from zillow's estimate.
It seems, for properties up to $120k, one can get monthly rents of 1% of property price, so around $1200. Once you get over that $120k line, rents just don't increase proportionally to the price. A $150k property doesn't get rent of $1500, zillow estimates it to be around $1250.
For properties under $120k, rents seem to be more than that 1%. So for $80k property, I've seen rents of $900.
Is this true in Orlando? Should $120k be where I draw the line in order to get the most bang for my buck? (in terms of rental)
Is there anywhere else in US that's a better place for rental?
All newbie questions. Thanks guys.