Jacksonville, FL Market
Has anyone had any success or failures in the Jacksonville, FL market? Most of the articles and reports I read rank it as a good place to invest, but the taxes and Insurance are rather high to me. Looking forward to your thoughts and insight,
Mike
Hey Michael, what area are you comparing jax taxes and insurance to? Im from south Florida I know the taxes and insurance there are way more than here in jax.
Taxes are high in Florida and Insurance after the Hurricane last year went up, I have a lot of friends doing great investment on Jax now, good luck
@Michael Jones We bought our first property in Jacksonville last year and insurance is much lower than here in Miami. I agree taxes are high but around the same we pay here. We are happy with our first buy and hold and we are currently looking for more properties in the area. Just stay away from 32210 and 32209 codes. At least that is what we are doing. Wish you all the best!
Is 32210 really bad? Or only some parts of it? How's the area close to Cedar Hills Estate in 32210?
@Michael Jones - Taxes are not high here in NE Florida our mil rate is very affordable in most of the county and understandably higher at the beaches. What is very high in Florida is car insurance, mostly because of our neighbors in South Florida, but hey, it is what it is. I can get property insured here in Jax/32205 for $0.60 per sq ft. So it pays to call around and ask for insurance.
@Deepanshu Madan 32210 is fine, it features some of the wealthiest homes in Jacksonville, but it too is a big zip code.
@Michael Jones we love Jacksonville, we own 200+ units and have another 320 under contract set to close in 1-2 months. I don't believe axes and insurance for MF are that high, and are lower than some other competing markets depending upon where you are in a flood zone.
@Deepanshu Madan@Vanesa Gonzalez I agree with Vanesa on 32209 area code we avoid it entirely, but I disagree on 32210. There are some nice areas of 32210 like Ortega, and also some not so great areas. It all depends upon your stomach for lower income areas, and where in the zip code you're looking.
@Chris Grenzig thank you for your explanation.Because I dont know much about the area, we decided to avoid the zip code completely.
@Account Closed Sorry just saw your message. We have in different zip codes but we really like 32246 and 33211. And 32219
Thank you so much.
@Vanesa Gonzalez my pleasure, you do still have to be selective because sometimes block by block can vary greatly. You also need to have a manager willing to work in some of these areas that are lower income area or be willing to do it yourself. Not necessarily because it's a bad area, just takes a different type of person to manage a $600 avg rent 1965 building vs a $1500 avg rent 2018, you know?
@Chris Grenzig exactly!
@Account Closed no problem!
Happy Holidays BPers! Im just starting my research on investing in SFR's in JAX and was wondering what kind of economic drivers are providing the jobs. Also what are some other attractions bringing people to live in the metro? Thanks in advance!