Cape Coral Investing in 2023

[Cameron Aanonsen]

Hey all!

I'm looking to possibly buy a property in Cape Coral and was wondering if anyone had experience?  I'm in between new construction and a few homes to buy and just wanted to see some outlooks here.  I think I'd be using them for mid-term rentals for traveling professionals and the like.  Have you found that 2-2's are better for this or just buying a 3-2 makes more sense in terms of investment strategy?

TIA!

Cameron 

[Andrew Steffens]

Hey Cameron!

We manage over 80 units from Tampa to Naples.  Nothing specifically in Cape Coral but our Naples property has really struggled since Ian.  The area is a bit stigmatized even though most of the area is business as usual.  The Tampa area where we are headquartered is doing very well though.  Feel free to reach out if you have any interest in a little further north.  Best of luck!

[Zach Edelman]

I just lent on an STR just last month that is projected through Air DNA to perform extremely well. It was a 4/2 and is projected to earn $78,900 annually per Air DNA.

[Cameron Aanonsen]

Quote from @Andrew Steffens:

Hey Cameron!

We manage over 80 units from Tampa to Naples.  Nothing specifically in Cape Coral but our Naples property has really struggled since Ian.  The area is a bit stigmatized even though most of the area is business as usual.  The Tampa area where we are headquartered is doing very well though.  Feel free to reach out if you have any interest in a little further north.  Best of luck!

 Nice!  I have some searches set up in the Tampa area but it is a bit further then id like.  Im located in Nokomis and will be managing everything by myself for the most part.  The houses in tampa in my price range 325k-375k are around 800 sq ft and 1/2's and 2/2s.  Id like to have a bit more square footage so the Cape Coral area is ticking some boxes.  I get the stigma for the Cape Coral area right now, but I see it as an opportunity.

[Cameron Aanonsen]

Quote from @Zach Edelman:

I just lent on an STR just last month that is projected through Air DNA to perform extremely well. It was a 4/2 and is projected to earn $78,900 annually per Air DNA.

 Wow!  I'm betting it had a pool.  I was considering staying away from the pool properties because I didnt really want to get involved in airbnb's but more mid terms

[Andrew Steffens]

Quote from @Cameron Aanonsen:

Quote from @Andrew Steffens:

Hey Cameron!

We manage over 80 units from Tampa to Naples.  Nothing specifically in Cape Coral but our Naples property has really struggled since Ian.  The area is a bit stigmatized even though most of the area is business as usual.  The Tampa area where we are headquartered is doing very well though.  Feel free to reach out if you have any interest in a little further north.  Best of luck!

 Nice!  I have some searches set up in the Tampa area but it is a bit further then id like.  Im located in Nokomis and will be managing everything by myself for the most part.  The houses in tampa in my price range 325k-375k are around 800 sq ft and 1/2's and 2/2s.  Id like to have a bit more square footage so the Cape Coral area is ticking some boxes.  I get the stigma for the Cape Coral area right now, but I see it as an opportunity.

It definitely is an opportunity if you are able to play the long game. Could mean many months if not years of negative ROI. Also on Tampa there are plenty of opportunities for 3/2+ that would be good STR for sub $400k. I just contracted a 4/2 pool home 1400 sqft for $380k for a client. The income projection is $80k per year. Let me know if you would like me to help with Tampa area searches!

[Daniel Murphy]

We've had a 3/2 with a pool in CC for a little over a year now.  The area is definitely struggling since Ian.  Last year, every day in Feb, March & April was booked.  

This year we had 5 open nights in March & we had to discount a few because they were open so last minute.  We know a bunch of others with properties in the area & they are all in the same boat.  Much slower than last year.