I have narrowed down my top 5 cities in Florida to do further in-depth analysis in order to find the best market for what I want to do. I am interested purchasing small, to mid-size multi-family properties. I have Tampa, Orlando, Jacksonville, Cocoa Beach/Cape Canaveral, and Miami areas on the radar at the moment. I will be compiling the last five years of unemployment, population, population age, job diversity, supply & demand, and the top employers in each city. I have never done an in-depth analysis like this and am asking the Bigger Pockets community for any pointers on efficient ways in doing this, or things that are often overlooked. Looking forward to any feedback. Happy Investing!
@Zachary Bellinghausen There are lots of reports and info out there on exactly what you’re looking for. You can find the info with a google search. It will bring up top brokerages that produce detailed reports as well as industry blogs and magazines. There’s lots of info out there.
I'm an agent in Orlando and I can tell you that you won't go wrong in any city in Florida. I would probably stay away from Miami as the nice parts are very expensive and you won't be able to cover cost with rent and the low end areas are pretty rough. For long term rental with multifamily I would focus on Orlando and Tampa. Beach communities don't have near the population growth that Orlando and Tampa are seeing. They're also seeing very strong growth and rental rates. Personally I own a Triplex and a quadplex in Orlando and I'm looking to acquire a multi-family unit in st. Pete. If you have any questions or need assistance I'm available to help.
@Zachary Bellinghausen you can pull all of this information for free right on the internet. City-data.com and bestplaces.net will give you all the info you're talking about. @Joe Fairless book "The Best Ever Apartment Syndication Book" talks about this in great length and breaks down for you how you can easily compile all of this information under an hr. Good luck
@Zachary Bellinghausen I have invested with Ashcroft Capital in Jacksonville and Tampa in the past several months and I'm currently vetting an Orlando deal with them. They have done a tremendous amount of research on these markets. Feel free to DM for specifics. Best of luck!