Sell? Ride it out? What to do…

[Katie Lyon]

The backstory - we have an investment property in Cape Coral Florida. Right outside of ft Meyers. We have had it for one year and it renting right at about 1%. Hurricane Ian was not good to us and cost us about $10k out of pocket. 

Renter demand is lower down there right now. We can sell, and have it cost us about $30k total (value went up but fees, insurance, commissions, etc kill me). They are predicting more large storms this summer. My gut says swallow the loss and sell. The Florida market is wild particularly with politics right now. I could furnish it and STR but insurance is wild for that and we have no other properties close so if it doesn't work out we have all the furniture and nothing nearby.

[Greg H.]

Quote from @Katie Lyon:

The backstory - we have an investment property in Cape Coral Florida. Right outside of ft Meyers. We have had it for one year and it renting right at about 1%. Hurricane Ian was not good to us and cost us about $10k out of pocket. 

Renter demand is lower down there right now. We can sell, and have it cost us about $30k total (value went up but fees, insurance, commissions, etc kill me). They are predicting more large storms this summer. My gut says swallow the loss and sell. The Florida market is wild particularly with politics right now. I could furnish it and STR but insurance is wild for that and we have no other properties close so if it doesn't work out we have all the furniture and nothing nearby.

 Everyone including myself is moving to Florida. The politics you refer to with have a zero or net positive effect to the state. As far as a “big storms” prediction, it is literally impossible to predict a storms path or size.  
If you want to sell, definitely do so. However, Florida prices as well as demand are not softening appreciably anytime soon.