Rental Property Investor · Shelton, CT · Member since 2012 · 92 posts · 176 votes
Looking to purchase a SFH as in investment in Palm Coast, FL. From what I hear, the rental market is pretty good. However, that is coming from the real estate agents, so I am not sure I believe it. Anyone have any personal experience with renting in this city? Is there a big market?
Hudson, MA · Member since 2013 · 22 posts · 12 votes
12y
Palm Bay is nice. Like Jay said though - there's nothing in Palm Coast.
I've traveled and had to do some work in the Melbourne area before - there is a large defense contracting community down there which stabilizes the economy.
The original thread was about Palm Coast though. I really can't say much about it other than there is not much there.
Ft Myers Beach, FL · Member since 2013 · 53 posts · 11 votes
12y
@ Diana T.
Totally agree with you on the Real Estate agents. Some are Fabulous, some are just.................don't even want to be negative. I reside in the Florida State Market and know many of the areas pretty well. It is the first Market, all of my first investments will be in. Rather than give you just my honest opinion, I'm providing you with some more, you could say concrete information that could possibly lead you to making a better decision about investing in Palm Bay and surrounding areas. Check out the links below.
Any others questions I may be able to help you with, let me know. Have a great day!
Here is also the surrounding areas to get a better idea:
Rental Property Investor · Shelton, CT · Member since 2012 · 92 posts · 176 votes
12y
thank you Jay O. for providing that - could i ask you for your honest opinion now? i really would like to hear from an independent investor who knows the area.
This is primarily a retirement community for folks with an income. Im far from retiring yet and very active. Not cities, unless its a phenomenal deal. But close by investments. Good suburbs rhat is. Helps to spend just a tad bit more in getting a nice and decent return for your future returns. Those are the facts. You can check out citi-data for more info on Palm Coast. It is a nice and laid back area. Just too laid back for me.
Not the particular area I would like to make investments in for now or even the future. I look for more upcoming, emerging, established and things to do kind of Markets and communitys. Active and social environments. Easy commutes and great schools, shopping, Hospitals, Librarys, Malls, Churches, Movie Theatres, etc. I think you get it. Great for a single person or a family. Something for everyone kind of Markets to invest in.
Another big one so far unless a miracle has happened.
The recession is still going full blown in Palm Coast, no jobs. Unless your a nurse. In your field, you might be fortunate. Know quite a few of CPA's. They are self employed though.
Here is a better simpler list of my opinions why I wouldn't invest there:
Speeding and crime is very high.
Highest water bills in the state and the Mayor just raised it again, 20% over the next three years. Average water bill for family of 4 is about $120.00 per month.
Limited shopping. If you want good shopping you have to go to Daytona or St Augustine which is a 30 minute drive either north or south on 95.
Palm Coast FL is mostly flat, mowed fields with subdivision cheap houses on it and very few trees. Just flat and hot with dirty canals to collect the water so it doesn't flood too much. There were some trees but most were bulldozed down to make building a bunch of flat cheap homes easier.
To get to the beach, you have to pay $2 in Palm Coast to cross the bridge or drive north on US1 to St Augustine 15-25 miles north of Palm Coast.
Cell reception is terrible too.
Some people really, really like Palm Coast Florida. Its just not for me. Used to be one of the best places to retire, if your gonna retire. Isn't anymore.
Check out the link for City Data to get a better feel of the economic situation.
Investor · Tampa, FL · Member since 2014 · 104 posts · 32 votes
12y
Jay O. I noticed that you referenced Palm Bay, Fl. Palm Bay and Palm Coast are two different cities. I have been monitoring both Palm Bay and Palm Coast for months now. I have not been active in those areas yet because I have not had the opportunity for fully scout them out. They do have many newer available houses available.
Hudson, MA · Member since 2013 · 22 posts · 12 votes
12y
Palm Bay is nice. Like Jay said though - there's nothing in Palm Coast.
I've traveled and had to do some work in the Melbourne area before - there is a large defense contracting community down there which stabilizes the economy.
The original thread was about Palm Coast though. I really can't say much about it other than there is not much there.
Rental Property Investor · Shelton, CT · Member since 2012 · 92 posts · 176 votes
12y
Thanks for all your input... Still not quite sure what to think although many peoples swear there is a good rental market in certain sections.... Enough confidence to buy a property by year- end? Perhaps :)
Whenever you get a chance,........... best thing to do, when, in my opinion, I need to make a more solid and concrete decision in an area I'm not sure of investing in, I'll just go and take a look and scout out the place, properties, area, region and communities for myself. I never talk to any agents before doing my own research first. No property managers either. I'll visit a few local banks and get a loan market analysis for homes sold and average loans made within the banks lending region. I'll pick up a few local papers. Both the free and paid local papers.
Hope this helps a little bit more. Ive even included a current 2013 Palm Coast Rental Market Analysis link below, for you to check out when you can.
Real Estate Transaction Engineer · Jacksonville, FL · Member since 2014 · 271 posts · 74 votes
11y
I know this post is old. I live in Bunnell right next to Palm Coast. The area has grown i suppose since this post was started more than a year ago. It's a very affluent city, though I haven't done research to find out what industries exist as I'm focusing on something else other than REI at the time.
However, I would be happy to bird-dog for any investors (in or out of state) interested in investing in this area around Daytona Beach and north up to St. Augustine. I'm willing to go inland to Palatka, but that's about it. Unless you have a specific property that you are interested outside of the area, let me know.
Let me know what you're looking for in the property, price range, rehab maximum, etc.
Flipper/Rehabber · West Caldwell, NJ · Member since 2015 · 6 posts · 2 votes
8y
@Diana T. Hi Diana, I am actually looking at a property in Palm Coast now. Happy i stumbled upon this thread. Are there any licensed contractors you recommend in the Palm Coast area?
Rental Property Investor · Shelton, CT · Member since 2012 · 92 posts · 176 votes
8y
@Louis Giasullo - unfortunately... no... we did most of the work ourselves.... We do have a plumber and an HVAC guy though... luckily that's all we've needed so far. Good luck!
Specialist · Palm Coast, FL · Member since 2019 · 1 post · 0 votes
7y
Hello Diana! I'm glad to see you had success in your Palm Coast venture. My wife and I just moved here about 9 months ago and were ready to jump into real estate. We are interested in trying out the BRRR method on a duplex, triplex, or quadplex to start with. If you know of any good agents in the area or anything really I would love to talk with you! Hope you continue to have success!
Rental Property Investor · Miami/Jacksonville Fl · Member since 2014 · 75 posts · 41 votes
6y
@Diana T. Hi Diana, I’m looking to possibly build a duplex in Palm Coast on a lot my father purchased in the 90s. My biggest concern is not being to rent it out because there isn’t a market for rentals. Have you had a hard time finding tenants?
Rental Property Investor · Shelton, CT · Member since 2012 · 92 posts · 176 votes
6y
Hi Wendy -
I have had the luxury of one fine tenant (I didn't even have to list the property since a neighbor down the street saw it) since I purchased the property so I can't be too much of a help. What I can say is that my in-laws also purchased a property for rent and haven't had a problem keeping that filled as well. For what its worth - the only reason I haven't bought again there is the dramatic increase in home values, not the worry about finding another tenant. Hope this helps a bit... Keep me posted! Goodluck!
Congrats on your success in Palm Coast, FL. I moved to the area about 1.5 years ago and I recently began to investigate my immediate area and Jacksonville for SF and SMF rental investment opportunities. I am happy to offer an extra set of eyes here on the ground if ever needed. Just let me know. I am curious about your current assessment of Palm Coast and if certain sections stood out to you. Thanks in advance!
Rental Property Investor · Shelton, CT · Member since 2012 · 92 posts · 176 votes
6y
@Ben Pileggi
Hi Ben- id love to chat. Although I’ve had success there, it would so be hard to purchase there now knowing how much prices have gone up. For that reason, i have only one there. Love the idea of Jacksonville, love the idea of doing a short term rental in Saint Augustine!.
Happy to chat and help in any way. Thanks for your perspective on Palm Coast. Huge fan of both other areas. Yes, this would be my first RE investment in the area.
Ben I too am looking into investing more in Palm Coast. As a Realtor on the ground here I know first hand how hard it is to find a deal. I would like to talk with about another possible option if you're interested. DM me and we can meet up for lunch or drink and discuss.
Real Estate Agent · Palm Coast, FL · Member since 2018 · 39 posts · 10 votes
5y
I know this is an old thread but I'm in Palm Coast and It's a really stog rental market and lots of outdated homes that when renovated go fast! People who live here love it and it's an undervalued market. Looking for contractors/investors in this area or throughout Flagler county.
@Karen Salem I agree with you. My in-laws live there and I own a canal lot in palm coast that we will be building a 4br/3ba STR property on over the course of the next year. Definitely looking for more opportunities to invest there.
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