YBOR Florida Area: Buy and Hold prospects

[Gaurav A.]

I am targeting the highlighted attached area to look for a buy and hold Single family home. I am looking to know the following from people living in the area, familiar or has invested in the area.

- Neighborhood:

Has the area improved over the years?

Safe for renters?

Rental demand?

what drives the rental demand.

-Renters:

Good area to get good renters?

Pay in time.

keep the property in good state

Demand for short term rental

Demand for long term rental

- Growth prospects:

appreciation in recent years

expected appreciation in coming years

revitalization of the area.

high buying demand?

[Jonathan Henley]

I've lived in the area since 2009 and it is definitely improving.  The city has recently bulldozed a large number of block buildings that had been used for affordable housing, which caused quite a few people to get Section 8 vouchers and spread out into single-family homes.  I even heard recently that a "tiny-home" community was being planned for the area to alleviate the lack of housing available now that the block ghetto-like neighborhoods are gone, which would certainly be an improvement over what was there.  

I am personally skeptical about how much things will improve as a result of the stadium relocation (just look at the immediate surroundings of Tropicana Field and you'll see that it isn't a cure-all by any means).  I think a lot of the value increases will be speculative and might not last so I've been hesitant to jump in on that.  

I'm also mindful of the possibility of TBX getting approved, which would cause I-275 to widen significantly.  I've passed on several houses that are smack-dab next to the interstate in Ybor Heights.  They looked good on paper but I'm in it for the long haul and I don't want to be forced to give up the property in a year or two because the government is expanding the road (there is a lot of local pushback on TBX so it may not happen at all).

The closer you can get to Tampa Heights the better off you are, in my opinion. Prices are higher there but the clientele is usually better heeled and interested in the good restaurants nearby (think Ulele or the new TAW Food Hall and the Riverwalk). On the other end of the boundary you have the Seminole Hard Rock casino as a potential draw for renters. If you go a bit further east it's still possible to find low-priced SFR's, but I've found that renters close to the casino tend to be employees of the casino, and they don't always last very long. Could be great for AirBnB, though!

I hope you find something; Tampa is a great place to live.