Florida with ocean access STR. Help!!
DORAL, FL · Member since 2015 · 58 posts · 10 votes
Florida with ocean access STR. Help!!
Most Popular Reply
Real Estate Broker · Cape Coral, FL · Member since 2014 · 382 posts · 300 votes
3yCape Coral is another area you might consider; I've sold a number of STR's here. You get a lot more bang for your buck here especially for gulf-access homes with access from the canals right in your back yard. We've had a quieter than normal STR season this year but it will likely pick up as we get closer to winter season. If you can find a home here (or elsewhere) that's already furnished as an STR with solid rents and reviews, even better.
Good luck!
26 Replies
- 3yShare RossBusiness MemberReal Estate Agent · Boynton Beach, FL · Member since 2017 · 250 posts · 135 votes
Hey @Justin Cabral
There are some great areas to support your plans in Fort Lauderdale and Hollywood and a few other pockets in Broward.
it’s pretty straight ahead to find a great sfh like this with dockage and the right vibe.No HOAs of course … you might even be able to find one turnkey?! (Just helped someone do this)
Do you plan to self manage or hire a manager?
Let me know if I can assist more.
- Real Estate Broker · Naples, FL · Member since 2018 · 40 posts · 24 votes3y
@Justin Cabral
I’d be looking at Key Largo but that’s just cause I already live in Naples… a home here in Naples with “Gulf” Access is expensive, so it would really depend on your budget. Same does with Marco Island… you may want to consider South Bonita Springs, you may be able to still find a deal on a Hurricane Ian Damaged home but I’d be cautious of insurance on a home that previously flooded.
With that said, I live in a home outside of an HOA just 3 miles from the beach and a (nice) Public Boat Ramp… this may be a good option for you based on your budget.
Let me know if you have any questions about our Market, things to do when you actually get out on the water, etc… the Gulf is VERY different to the Atlantic side in the Keys.
- Rental Property Investor · Port St Lucie, FL · Member since 2019 · 150 posts · 79 votes3y
Hey Justin
I own an STR in Jensen Beach which is Martin County. I'm a block from the inter coastal, I have boat parking. My place is small 840 sq ft but stays booked all year. Treasure Coast has gotten expensive as everything else has but IMO less expensive as Broward and Palm Beach. Also allot of growth going on here. Reach out if I can help provide any info.
Bob - DORAL, FL · Member since 2015 · 58 posts · 10 votes3y
Quote from @Share Ross:
Hey @Justin Cabral
There are some great areas to support your plans in Fort Lauderdale and Hollywood and a few other pockets in Broward.
it’s pretty straight ahead to find a great sfh like this with dockage and the right vibe.No HOAs of course … you might even be able to find one turnkey?! (Just helped someone do this)
Do you plan to self manage or hire a manager?
Let me know if I can assist more.
Hi @Share Ross
I was planning on managing on my own but would be open to look at other options. I just don’t think Broward is where I want to start. I want first property to be one I can enjoy with my family from time to time and Broward is not far enough from Miami. I was thinking more between Jensen beach and Vero Beach. Something 90 minutes to 2 hrs away.
- DORAL, FL · Member since 2015 · 58 posts · 10 votes3y
Hi @Robert Alpizar
I am considering the keys however would prefer north because I want to use the property myself to “get away” once in a while. The keys on the weekends is pretty much like being back in Miami. Not the case up north or on west coast.
- DORAL, FL · Member since 2015 · 58 posts · 10 votes3y
Quote from @Bob Anthes:
Hey Justin
I own an STR in Jensen Beach which is Martin County. I'm a block from the inter coastal, I have boat parking. My place is small 840 sq ft but stays booked all year. Treasure Coast has gotten expensive as everything else has but IMO less expensive as Broward and Palm Beach. Also allot of growth going on here. Reach out if I can help provide any info.
BobHi @Bob Anthes
Thanks for your hospitality. How do you like Jensen Beach area. I have to go check that are out one day. How is the boating around there? As I have kept my eyes open for direct water access properties I don’t think I have come across anything in Jensen Beach. Not sure if its because of low inventory or maybe the prices are too high for my filters.
I would love to find something that might not be waterfront but owns a deeded slip on the neighborhood dock. The price would probably be more reasonable and a golf cart would pretty much make it comfortable accessible to get back and forth from the dock.
- Real Estate Broker · Naples, FL · Member since 2018 · 40 posts · 24 votes3y
I agree. My go to is Key Largo, as North as it get... I leave Naples around 6:30AM and I'm having breakfast in Tavernier by 9AM and diving the reefs in Key Largo by Noon. I also tend to visit for short periods - arrive early on a Thursday and leave Saturday morning to avoid the crowds.
I was also born and raised in Miami (Hialeah) - moved to Naples about 20 years ago as I couldn't take the traffic... I can't imagine how it is living there full-time now.
- Real Estate Broker · Cape Coral, FL · Member since 2014 · 382 posts · 300 votes3y
Cape Coral is another area you might consider; I've sold a number of STR's here. You get a lot more bang for your buck here especially for gulf-access homes with access from the canals right in your back yard. We've had a quieter than normal STR season this year but it will likely pick up as we get closer to winter season. If you can find a home here (or elsewhere) that's already furnished as an STR with solid rents and reviews, even better.
Good luck!
- DORAL, FL · Member since 2015 · 58 posts · 10 votes3y
Quote from @Peter Davis:
Cape Coral is another area you might consider; I've sold a number of STR's here. You get a lot more bang for your buck here especially for gulf-access homes with access from the canals right in your back yard. We've had a quieter than normal STR season this year but it will likely pick up as we get closer to winter season. If you can find a home here (or elsewhere) that's already furnished as an STR with solid rents and reviews, even better.
Good luck!
@Peter Davis
I would definitely consider it if the numbers make more sense. I have not looked over that way because of the distance from where I am. I am afraid that if the drive is too long and boring we are not going to want to use it and I want it to be something we both use and rent out. Drive is about 2.5 hrs from where I live to cape coral.
That drive across alligator alley or tamiami trail is brutal. Specially when you get caught in a nasty hail storm at night like I did about a month ago. - Real Estate Broker · Cape Coral, FL · Member since 2014 · 382 posts · 300 votes3y
I go to Miami about once a month across Alligator Alley and haven't had any issues other then the occasional slow down due to the widening they're doing on parts of it. I typically go about 75 MPH, set it and forget it and make calls or listen to music. I find driving up to Tampa more stressful and potentially problematic with the constant jostling across 3-4 lanes and sometimes long delays due to accidents or road construction. Pick your poison I guess :)
- DORAL, FL · Member since 2015 · 58 posts · 10 votes3y
Quote from @Peter Davis:
I go to Miami about once a month across Alligator Alley and haven't had any issues other then the occasional slow down due to the widening they're doing on parts of it. I typically go about 75 MPH, set it and forget it and make calls or listen to music. I find driving up to Tampa more stressful and potentially problematic with the constant jostling across 3-4 lanes and sometimes long delays due to accidents or road construction. Pick your poison I guess :)
@Peter Davis
I get you and I felt the same way until that last trip. Guess I’m still a little traumatized. We were 2 vehicles and everyone in my vehicle and my wifes vehicle were pretty taken by the experience. It started with heavy rain that you could not see more than a few feet in front of you, then really strong side winds where you literally felt the car swaying, and when the hail started hitting the car that was like icing on the cake. Add that it was already dark out and there were no streetlights where we got caught.I started thinking that if we were on a normal interstate we would have at least had street lights and could have pulled over or exited and pulled into a gas station or something.
Mind you we were on tamiami trail because it was a shorter commute from marco island than I-75. Not sure if the experience would have been different as far as street lighting ar least.
- 3yStetson MillerBusiness MemberReal Estate Broker · Fort Myers, FL · Member since 2019 · 576 posts · 423 votes
@Justin Cabral Can second Cape Coral being a good fit for what you're looking for. Depending on the price point, you'll be hard pressed to find anything else that will cash flow elsewhere in Southwest Florida
Stetson Miller Realtor545 Reviews - Real Estate Broker · Cape Coral, FL · Member since 2014 · 382 posts · 300 votes3y
That is a harrowing tale. Glad you made it!
- Member since 2022 · 20 posts · 2 votes3y
Hello Justin,
I'm a realtor in Vero Beach working Sebastian (probably further north than you'd prefer) down to Port Saint Lucie. There are a number of communities that fit what you're looking for and I'd be happy to see what I can find for you. STRs in this area have a very low vacancy rate as well.
- New to Real Estate · Santa Monica, CA · Member since 2021 · 27 posts · 13 votes3y
Quote from @Justin Cabral:
I’m looking for any guidance, info, or decent connections I can find.
I am interested in purchasing a 3+ bedroom home with ocean access (boat dock/slip) that I can rent as STR as well as use as a weekend getaway vacation home from time to time. It can be dock frontage directly on property or community dock nearby which is less common.
I live in Miami so preferably within 2 hour drive from me. That would probably encompass marco island, south naples, treasure coast, and upper keys.
I want to make this happen but would like to make sure I take measured risk and do my due diligence as I have not rehabbed or been a landlord before.
Wish it was as easy as having the cash and credit to do it but without proper research I know that’s a formula to quickly lose my behind.
I am grateful for any input and guidance. Thanking you in advance.
Justin,
Thank you for this post! I too am looking to begin my investing portfolio in FL with the same exact parameters as you, but I would be investing from across the country as I live in Santa Monica, CA. I have the cash ready to go but am stuck in analysis paralysis. Would love to follow this thread for ideas of markets to invest in. 6 figure capital ready to deploy.
- 3yAndrew SteffensBusiness MemberTampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
What is your price point?
Tampa has a lot of options although a bit further than 2 hours!
Vacation Rentals of Florida53 Reviews - DORAL, FL · Member since 2015 · 58 posts · 10 votes3y
Quote from @Andrew Steffens:
What is your price point?
Tampa has a lot of options although a bit further than 2 hours!
Hi @Andrew Steffens
I don’t have a specific price point although I would feel more comfortable if its not more than 1M. Tampa is much further than I would consider for my first acquisition.
- DORAL, FL · Member since 2015 · 58 posts · 10 votes3yHi @Brendan M Hornung
Quote from @Brendan M Hornung:
Quote from @Justin Cabral:
I’m looking for any guidance, info, or decent connections I can find.
I am interested in purchasing a 3+ bedroom home with ocean access (boat dock/slip) that I can rent as STR as well as use as a weekend getaway vacation home from time to time. It can be dock frontage directly on property or community dock nearby which is less common.
I live in Miami so preferably within 2 hour drive from me. That would probably encompass marco island, south naples, treasure coast, and upper keys.
I want to make this happen but would like to make sure I take measured risk and do my due diligence as I have not rehabbed or been a landlord before.
Wish it was as easy as having the cash and credit to do it but without proper research I know that’s a formula to quickly lose my behind.
I am grateful for any input and guidance. Thanking you in advance.
Justin,
Thank you for this post! I too am looking to begin my investing portfolio in FL with the same exact parameters as you, but I would be investing from across the country as I live in Santa Monica, CA. I have the cash ready to go but am stuck in analysis paralysis. Would love to follow this thread for ideas of markets to invest in. 6 figure capital ready to deploy.
Looks like we are in the same boat. I have not begun to do analysis but I know that with prices I am seeing I will not be able to buy the entire property cash and the loan I would apply for will most likely be a bank statement loan so my rate will be a little higher than traditional. - DORAL, FL · Member since 2015 · 58 posts · 10 votes3y
Quote from @Brian P Hamwey:
Hello Justin,
I'm a realtor in Vero Beach working Sebastian (probably further north than you'd prefer) down to Port Saint Lucie. There are a number of communities that fit what you're looking for and I'd be happy to see what I can find for you. STRs in this area have a very low vacancy rate as well.
Hi @Brian P Hamwey
I guess it would depend on the opportunity but anything over 90 minutes driving I will probably question because I want to use it regularly and I am impatient so long drives will kill it.
- 3yAndrew SteffensBusiness MemberTampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
Quote from @Justin Cabral:
Quote from @Andrew Steffens:
What is your price point?
Tampa has a lot of options although a bit further than 2 hours!
Hi @Andrew Steffens
I don’t have a specific price point although I would feel more comfortable if its not more than 1M. Tampa is much further than I would consider for my first acquisition.
Totally understood! While you are considering the further south markets, I am about to contract a canal front 4/3 in Apollo Beach for $925k that will produce $160-180k in gross revenue. Try to make sure you find something that is getting close to those numbers. Best of luck!
Vacation Rentals of Florida53 Reviews - DORAL, FL · Member since 2015 · 58 posts · 10 votes3y
Quote from @Andrew Steffens:
Quote from @Justin Cabral:
Quote from @Andrew Steffens:
What is your price point?
Tampa has a lot of options although a bit further than 2 hours!
Hi @Andrew Steffens
I don’t have a specific price point although I would feel more comfortable if its not more than 1M. Tampa is much further than I would consider for my first acquisition.
Totally understood! While you are considering the further south markets, I am about to contract a canal front 4/3 in Apollo Beach for $925k that will produce $160-180k in gross revenue. Try to make sure you find something that is getting close to those numbers. Best of luck!
I’m curious. What is the exercise you do to figure out how much a property will produce in revenue?
I'm a total newbie to this. I ask you this because I want to be able to find a property and run the numbers to see if I can figure out if I can at least break even. For my first STR "break even" is ok with me because I just want a free vacation home without too many headaches. Hopefully I can learn enough from my first one that my next one will be more of an income producing property.
- 3yAndrew SteffensBusiness MemberTampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
Quote from @Justin Cabral:
Quote from @Andrew Steffens:
Quote from @Justin Cabral:
Quote from @Andrew Steffens:
What is your price point?
Tampa has a lot of options although a bit further than 2 hours!
Hi @Andrew Steffens
I don’t have a specific price point although I would feel more comfortable if its not more than 1M. Tampa is much further than I would consider for my first acquisition.
Totally understood! While you are considering the further south markets, I am about to contract a canal front 4/3 in Apollo Beach for $925k that will produce $160-180k in gross revenue. Try to make sure you find something that is getting close to those numbers. Best of luck!
I’m curious. What is the exercise you do to figure out how much a property will produce in revenue?
I'm a total newbie to this. I ask you this because I want to be able to find a property and run the numbers to see if I can figure out if I can at least break even. For my first STR "break even" is ok with me because I just want a free vacation home without too many headaches. Hopefully I can learn enough from my first one that my next one will be more of an income producing property.
Sure, I use AirDNA as a starting point. They have a tool called Rentalizer. It is free, however the free version will simply spit out a number which some sort of algorithmic average of the closest comps. It can at be times be very accurate, or very inaccurate. I have a the paid version which actually shows me the comps so I can more accurately look at them and take in the ones that are closest to the subject property and throw out the others. From there, typically I have real world numbers from similar homes we manage as we have many all over the Tampa area so I sort of take all that data in and assign a range.
Vacation Rentals of Florida53 Reviews - DORAL, FL · Member since 2015 · 58 posts · 10 votes3yThanks for that info. I actually discovered Airdna this morning (free version). Pretty cool if the info is accurate. Maybe I’ll pay for it temporarily if I can dial down to a specific city I want to look at (since state version is incredibly expensive).
Quote from @Andrew Steffens:
Quote from @Justin Cabral:
Quote from @Andrew Steffens:
Quote from @Justin Cabral:
Quote from @Andrew Steffens:
What is your price point?
Tampa has a lot of options although a bit further than 2 hours!
Hi @Andrew Steffens
I don’t have a specific price point although I would feel more comfortable if its not more than 1M. Tampa is much further than I would consider for my first acquisition.
Totally understood! While you are considering the further south markets, I am about to contract a canal front 4/3 in Apollo Beach for $925k that will produce $160-180k in gross revenue. Try to make sure you find something that is getting close to those numbers. Best of luck!
I’m curious. What is the exercise you do to figure out how much a property will produce in revenue?
I'm a total newbie to this. I ask you this because I want to be able to find a property and run the numbers to see if I can figure out if I can at least break even. For my first STR "break even" is ok with me because I just want a free vacation home without too many headaches. Hopefully I can learn enough from my first one that my next one will be more of an income producing property.
Sure, I use AirDNA as a starting point. They have a tool called Rentalizer. It is free, however the free version will simply spit out a number which some sort of algorithmic average of the closest comps. It can at be times be very accurate, or very inaccurate. I have a the paid version which actually shows me the comps so I can more accurately look at them and take in the ones that are closest to the subject property and throw out the others. From there, typically I have real world numbers from similar homes we manage as we have many all over the Tampa area so I sort of take all that data in and assign a range.
Do you know how they gather all that info. Does airbnb and vrbo share that info for comps? - 3yAndrew SteffensBusiness MemberTampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
Quote from @Justin Cabral:
Thanks for that info. I actually discovered Airdna this morning (free version). Pretty cool if the info is accurate. Maybe I’ll pay for it temporarily if I can dial down to a specific city I want to look at (since state version is incredibly expensive).Quote from @Andrew Steffens:
Quote from @Justin Cabral:
Quote from @Andrew Steffens:
Quote from @Justin Cabral:
Quote from @Andrew Steffens:
What is your price point?
Tampa has a lot of options although a bit further than 2 hours!
Hi @Andrew Steffens
I don’t have a specific price point although I would feel more comfortable if its not more than 1M. Tampa is much further than I would consider for my first acquisition.
Totally understood! While you are considering the further south markets, I am about to contract a canal front 4/3 in Apollo Beach for $925k that will produce $160-180k in gross revenue. Try to make sure you find something that is getting close to those numbers. Best of luck!
I’m curious. What is the exercise you do to figure out how much a property will produce in revenue?
I'm a total newbie to this. I ask you this because I want to be able to find a property and run the numbers to see if I can figure out if I can at least break even. For my first STR "break even" is ok with me because I just want a free vacation home without too many headaches. Hopefully I can learn enough from my first one that my next one will be more of an income producing property.
Sure, I use AirDNA as a starting point. They have a tool called Rentalizer. It is free, however the free version will simply spit out a number which some sort of algorithmic average of the closest comps. It can at be times be very accurate, or very inaccurate. I have a the paid version which actually shows me the comps so I can more accurately look at them and take in the ones that are closest to the subject property and throw out the others. From there, typically I have real world numbers from similar homes we manage as we have many all over the Tampa area so I sort of take all that data in and assign a range.
Do you know how they gather all that info. Does airbnb and vrbo share that info for comps?Im not exactly sure how they do it but it is only Airbnb/VRBO (we are on other channels too and if we book on them it does not count on AirDNA). They know the nightly rate charged and when it gets booked on either platform. We checked it on a couple of listings before and it was accurate to a few hundred dollars for a whole year (by our calculations). It is very important to not make a purchase decision based on the free version.
Vacation Rentals of Florida53 Reviews - Realtor · Vero Beach, FL · Member since 2022 · 14 posts · 3 votes3y
Hi Andrew, AirBnB can give some good information on local market and pricing if you use their research tools. I'd also ask some property managers and realtors in the area. Local knowledge is so important when making these decisions
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