Advice on investing in Oviedo Fl
Hi!
My name is Jessica I’m from Tampa, have a duplex in Seminole Heights that I’m currently house hacking. Thinking of buying in Orlando next. Anyone know anything about Oviedo? It’s close to UCF so thinking student housing...
I know the Orlando proper area is already way too saturated and I don’t really care to try and compete with the Airbnb crowds of Kissimmee. But like the Orlando area and trying to think of other areas that might be good.
Thanks BP
@Jessica Rhodes Oviedo is growing rapidly and could for sure work out for student housing. The prices can get pretty high there. Not sure what the rents are going for and if you would wind up cash flow positive. Maybe you can get a large sq ft home and rent each room individually? This is an idea I have wanted to look into more but haven't made the switch from SFH rentals yet.
I believe there are restrictions on the number of people you can rent to in Oviedo to curve student rentals. I think 3 unrelated people is the max. There are better options closer to ucf.
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@Tim Bradley That’s an interesting idea! Trying to stay under $150..
What prices are you seeing there? What are feelings about condos of townhouses?
Besides Oviedo what other areas around Orlando would you recommend looking into?
I live in Oviedo directly up the street about 2 miles from UCF. The apartment complex I live in has lots of UCF and full sail but the houses in the area seemed to be families only. I tried to rent a house in this vicinity two years ago and nobody would rent to a single guy so I ended up in the apartments. I'm not sure if that was because families were applying or a regulation like he said. I used to live in Winter Park and that area has a ton of students mixed with families because it's in the center of Rollins, UCF, full sail, Seminole State cc and Valencia community college. I was house hacking with some friends there with no issues.
@Mike Shulman where should I be looking?
@Robert Lewis Andonie I’ll look into winter park
UCF and full sail are at opposite ends of the same street. University Blvd. Consider that full sail has a lot of very wealthy kids attending. Rollins is another college a few miles away with the same. Do keep in mind there is a bit more crime in Winter Park especially if you're around the University boulevard area. This is why I moved to Oviedo. Lol.
I'm a realtor in Oviedo and a portion of my business is with investors that tend to purchase in and around the UCF area. I would not recommend Oviedo for college student-targeted investment property unless it's being purchased by a student for longer-term value. Even then, it can be prohibitive from a cost perspective. Prices are higher in Oviedo than the Orlando areas around UCF, but probably more important is that many of the communities have HOAs with restrictions on renting. A few even started insisting that tenants be approved by the HOA and are requiring that tenants be members of the same family (or cohabitants) - this true for Oviedo and the Orlando areas right around UCF. Homes with 3+ bedrooms renting to students get flagged easily because of parking issues....once you have more than 2-3 cars for one household, parking spills into the streets and winds up in front of neighboring homes. As Oviedo is really more of a family-type environment, group homes stand out in a flash and HOAs move quickly to start fining. There are always exceptions...but those get snapped up quickly.
@Jessica Rhodes Hi Jessica, I’m thinking of getting my first rental property in Orlando as well. Was thinking close to Universal Studios. Most homes I see in that area are about $150-$250k (2-4 bedroom). You can check homes close to that area