I am new to the real estate investment and wanted some help finding better market for mainly cash flow with appreciation opportunity. I am interested in these three cities: Indianapolis, Tampa, Cape Coral-Fort Myers. It would be greatly appreciated if someone could advise me if selected cities are good for what I am looking for and if so, how would these cities be ranked 1 through 3.
Thank you all in advance.
You have to get lucky to get someone to comment on this post who knows each market intimately to give you great advice or to rate them. I recommend you get on the phone with someone from each market or visit each market and experience where you’re going to spend a bunch of your money.
I can tell you that Tampa has a lot going for it. On a run of the mill property, you’re going to achieve 5-7% cash flow. That’s across MF, SFRs and condos. Prices have risen here over the last 2 years and there’s a ton of a development, growing population and rising wages to facilitate the growth. The areas surrounding that development is overpriced to get you nothing but the possibility of appreciation. For Tampa, I’d recommend going to the neighborhoods people can now afford because that’s where the first time buyers are moving to. The really trendy areas are pricing the average out of the market.
I’m available if you’d like to speak further.
Each of these markets have different macro economics, so depending on your focus one may suit you more than the other.
Indy - blue collar, stable job market
Tampa - white collar, middle class, military
Myers - retirees, vacationers
In terms of cashflow and appreciation I'd rank them like this-
Again, these are very broad strokes but may give you a starting point.
Thank you so much for the advise. Definitely I will visit these places before making any purchase.
If you need a tour guide in Indianapolis, I know of a few tour guides who know the area like the back of their hand!
Thank you Nicole. Yes, I would love to get tour. I will be going to Indianapolis around 12/15 so if the date is ok let me know.
@Won Y. I know Indianapolis very well, however, I only know Tampa and Cape Coral-Fort Meyers at a macro level. Of these 3 however, I can tell you that Indianapolis has the best cash flow. The problem with FL markets is that FL is among the highest insurance rates in the nation--about that of Indianapolis, which really hits your bottom line.
Thank you Mike for the advise.
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