Orlando Area STR Single Family Home Under $500k

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Orlando Area STR Single Family Home Under $500k

Anthony Tonsoline
Developer · Orlando, FL · Member since 2019 · 19 posts · 12 votes

Looking to add a STR property to my portfolio. Based on my research and conversations with a few members, I am looking for a 4+ bedroom single family home with a pool for under $500k. I know amenities aren't important, but my price point won't get me in to some of the newer/nicer communities. Any recommendations on communities to look at in my price range?

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Shawn McCormickPro Member
Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
4y

@Anthony Tonsoline Not sure if you meant to say that 'amenities aren't important' or not, but I'll assume you meant 'are'. You would be correct that they are vital to helping you to stand out. The larger communities like Championsgate, Windsor, Storey Lake and several others do well very much in part to the amenities that the community offers.Those, along with doing things to set your property apart from all of the competition will help your home get into the algorithms and get noticed. 

You certainly can find what 4 beds under $500, but it may be further away, less or basic amenities and the home may be older which means outlaying more in cap-ex down the road. I would be inclined to have you save a little more and wait for a property in one of the top tier communities. I just went under contract on a nice 5 bed in Windsor Palms for $550, so they are out there. 

Best of luck to you!

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  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    4y

    @Anthony Tonsoline, I suggest reaching out to @Valentina Calla. She's local to the area and can assist you with your questions! I hope this recommendation helps. 

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
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  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    4y

    Hey @Anthony Tonsoline, you will really need to drill down on this. The Orlando area is pretty saturated and you will have to stand out to be successful.

    I feel you are setting yourself up for failure. You will not get the nightly rate you are looking for in a mediocre neighborhood with no amenities.

    There will be others who can chime in who know much more about the area, but when we were looking about 18 months ago, even the nicer 4/3 homes were bringing in less than a $100 a night and occupancy was pretty low.

    There have been folks who have said in other posts that it can be done and I am sure it can. You just need to find the right agent. 

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  • Shawn McCormickPro Member
    Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
    4y

    @Anthony Tonsoline Not sure if you meant to say that 'amenities aren't important' or not, but I'll assume you meant 'are'. You would be correct that they are vital to helping you to stand out. The larger communities like Championsgate, Windsor, Storey Lake and several others do well very much in part to the amenities that the community offers.Those, along with doing things to set your property apart from all of the competition will help your home get into the algorithms and get noticed. 

    You certainly can find what 4 beds under $500, but it may be further away, less or basic amenities and the home may be older which means outlaying more in cap-ex down the road. I would be inclined to have you save a little more and wait for a property in one of the top tier communities. I just went under contract on a nice 5 bed in Windsor Palms for $550, so they are out there. 

    Best of luck to you!

    2Reply
  • Anthony Tonsoline
    OP
    Developer · Orlando, FL · Member since 2019 · 19 posts · 12 votes
    4y

    @Shawn McCormick based on other posts it seems amenities are very important.

    Do you think a single family home is worth the premium over a similar size townhome?

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  • Shawn McCormickPro Member
    Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
    4y
    Quote from @Anthony Tonsoline:

    @Shawn McCormick based on other posts it seems amenities are very important.

    Do you think a single family home is worth the premium over a similar size townhome?


     Yes, I would suggest a single family over a townhome. A couple of the main reasons being that virtually no townhomes in vacation communities have garages and that is a space you can and should use to your advantage to place gaming tables, turn into a mini movie theater or just make highest and best use of it. Another would be that most townhomes all have bedrooms upstairs and with them so close together, it is hard to theme them properly. A single-family will have a garage and almost always bedrooms up and down and you can theme them. Single family will also have full size pool and hot tub, most townhomes just have a splash pool. Townhomes are just harder to stand out as the floorplans are pretty much all the same and its harder to differentiate them from each other. 

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  • Jason Regan
    Investor · Leominster Ma · Member since 2019 · 305 posts · 162 votes
    4y

    I own one in Story Cove.  It was a 5 Bed for 680k I turned into a 6 bedroom.  I agree with everyone else to get one in that price range you will have to look farther away and it may be outdated. This will hurt your bookings.  I have people come to mine for a long weekend just to use the amenities.  Are you under 500k because that's what you can qualify for or what you want to spend? If you can qualify higher I would suggest looking for that as you will find you will actually have a better return on investment

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  • Kyle MccawBusiness Member
    Property Manager · Keller, TX · Member since 2011 · 1k+ posts · 1k+ votes
    4y

    @Anthony Tonsoline also keep in mind that you will need to invest in the property after the purchase. Most likely that will have to come from your cash and not financing. Almost every house you will find needs to be at the very least painted and new furniture. 

    McCaw Property Management4.4905 Reviews
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