Investing in SFH turnkey in Tampa

[Brian Fang]

Hello!

My apologies if this is in the wrong forum.

I turned 30 not long ago and decided to invest in my first rental property as a birthday gift (turnkey). I am from New York. 

I casually chose the Tampa area as a starting point. I have looked through about 20 properties now in Lutz, Land O Lakes and Wesley Chapel and it is nearly impossible to get close to 1% price-to-rent if I do not do any renovations. The CoC ROI is negative.

One of my hard requirements is slightly cash flow positive or at the minimum cash flow neutral. So, I am somewhat confused.

Is Tampa the right market? When do you know you should give up and switch to another city?

Thanks!

Brian

[Adam Poshka]

Hey Brian, That sounds like a good birthday present! haha

As for your results. The market in the Tampa Bay Area is incredibly competitive right now, absolutely a sellers market. We have such a large influx of people moving to the area right now. You are looking in highly sought out areas as they are all withing a close drive to Tampa, a lot of new construction in the are, ect. I would be interested in seeing what #'s you are using to compute your COC, ROI, Cashflow and how your are finding rents.