Looking for advice on a neighborhood on Orlando

8 Replies

Hello BP members,

I'm looking to purchase a rental property in the Mills 50 area also know as Colonialtown North area of downtown Orlando, Florida. Anyone who is familiar with the neighborhood can you please share your opinion and what kind of rents this neighborhood can get? Is this considered an overall B+ or better neighborhood? Any good schools worth noting for renting to families with kids?

If you own something in or around this area, how has your experience been? Anyone owning out of state in Orlando downtown, I would love to hear from you on who you hire for property mgmt.

Thanks

Very few people from Orlando participate on BP. I do not know why. I am familiar with Mills and 50 a little. It is a nice area. There are a lot of legal offices there and the singles and young married couples like it. Lake Eola park is there and many young people like to gather downtown. I am not familiar with rent amounts but I would guess it will depend on what you are renting. Smaller houses vs. larger. I am in Seminole county , about 25 min away and rents are around a dollar a sq foot but it is rare to find anything under 1200.00 a month for any property.  Good luck.

Thank you Scott for the confirmation. It's reassuring to hear from someone who has seen it and is familiar with the area. It will be a 2 bedroom 1 bath rental. As long as I can get close to $1200 in today's market in that area, my numbers would work. Wonder why Orlando has a good representation on BP.


Originally posted by @Scott Harper :

Very few people from Orlando participate on BP. I do not know why. I am familiar with Mills and 50 a little. It is a nice area. There are a lot of legal offices there and the singles and young married couples like it. Lake Eola park is there and many young people like to gather downtown. I am not familiar with rent amounts but I would guess it will depend on what you are renting. Smaller houses vs. larger. I am in Seminole county , about 25 min away and rents are around a dollar a sq foot but it is rare to find anything under 1200.00 a month for any property.  Good luck.

I live about 10 minutes away from that area.
Like Scott mentioned, I would agree that it is mostly younger people that live in the area. It's a pretty nice area with a lot of hip places to eat, close to downtown but not in it.
If you're looking for family areas, you'd probably want a little outside of the Mills area. The area I'm in (College Park) is really good with families, has good schools, and is close to where you are looking. It's hard to find properties that cash flow though.

If you only need $1200 for a 2/1 near Mills, that shouldn't be hard. I don't see anything less than $1400 for 2/1 in that area, with some of them much higher. Like most metro areas, there are good streets and bad streets though. If you wanna PM me a street name or two that you're looking at, I can give you better feedback.

Thanks everyone, just to update, I was able to finally make a trip down there and stayed overnight in the area. Had dinner at the Hawkers Asian street fare (great place). Walked up and down Mills ave which seemed like a good hip place to hang out with lots of bars. Overall the feel of the area was great. Felt safe with young couples all around, people jogging in the morning around my property, walking dogs. Some really high end houses in a couple of blocks radius, commercial construction going on. I'm very happy with the neighborhood. The property itself wasn't as bad as I thought it might be. I think I'm going through with this deal. It's probably not the best cash flow property I could have found but location is prime. If you have any recommendations on a good solid property manager, please let me know.

Thank you!