1st Rental in Orange Park / Jacksonville FL

Jacksonville, Florida
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1st Rental in Orange Park / Jacksonville FL

Joseph Wattam
Rental Property Investor · Orange Park, FL (32065) · Member since 2018 · 5 posts · 1 vote

I am getting ready to list my first rental in Orange Park, FL in the Oakleaf area. Its a 2BR 2.5 ba townhouse 1100sqft. There are several hospitals and the naval air station nearby. I am curious if this would be better listed as a long term or medium term rental? I am leaning long term just because I have no experience. Any tips or advice would be greatly appreciated.

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  • Taylor DaschBusiness Member
    Real Estate Agent · Temple, TX · Member since 2022 · 1k+ posts · 700 votes
    2y

    Look at the MTR numbers on furnished finder. In my market, it was worth it to try it out as a MTR. The profits should be significantly higher - mine is rented @ 160% of market value and has stayed occupied about 95% of the time. 

    [email protected]254-718-4249
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  • Jonathan Perez
    Realtor · Jacksonville, FL · Member since 2013 · 227 posts · 35 votes
    2y
    Quote from @Joseph Wattam:

    I am getting ready to list my first rental in Orange Park, FL in the Oakleaf area. Its a 2BR 2.5 ba townhouse 1100sqft. There are several hospitals and the naval air station nearby. I am curious if this would be better listed as a long term or medium term rental? I am leaning long term just because I have no experience. Any tips or advice would be greatly appreciated.


     Hey Joseph, have you verified that the community your townhome is in will allow for medium term? 

    A lot of townhome / condo / HOA communities have minimum lease terms and a maximum percentage of the community is usually limited to a certain amount of leases allowed etc.

    So just something to look into if you haven't.

    IF it's all good, I would definitely give it a shot being that it's near the Naval station and several  hospitals. 

    Not sure what the specifics are on this deal but if it will cash flow the way you need it to as a long term rental then that could be the better / safer way to go as a beginner too.

    What were your initial plans with it before buying?

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  • Joseph Wattam
    OP
    Rental Property Investor · Orange Park, FL (32065) · Member since 2018 · 5 posts · 1 vote
    2y

    Thanks for the reply Jonathan.

    The minimum lease is 30 days and cannot be a pad split/room rental. As of now I cannot find anything in the covenants and restrictions that prohibits a certain number/percentage of leases. However, I am aware that a lot of COAs in the Jacksonville area do have that issue. I am leaning in the direction of long term at this time because as you stated I feel it will be a safer bet just starting out. I see you are in the area, would you happen to have any reccomendations for a good property management company nearby?

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