Long Term, Long Distance Positive Cashflow areas in Florida
Hello everyone, long time lurker, first time poster.
I live in the SF Bay Area and have quite a bit of extra $$ and have high hopes for Florida properties long term to increase in value.
I am looking for one (or a few) long term positive cash flow properties. Probably single family homes
Areas Im looking in are Clearwater, St Petersburg, Jacksonville and maybe Fort Myers, but open to suggestions. Looking at ~200k SFRs for long term rentals. The few I looked turnkey seem like you could get ~400$ per month in profit if you'd put 20% down. (so about 10% ROI on downpayment, counting property tax and hoi, not counting repairs or anything like that.)
I am a totally new to being a landlord so Im hoping to get a property management company, that could help me.
Now to my questions:
- What do you think are the risks to investing long distance with a management company? Are there any horror stories?
- Is the cashflow Im saying pretty normal for the area? Could I go higher? Is there any caveats I should looking out for?
- Any advice on the areas I picked? I have no idea what the areas are like. I've visited west Florida a couple of times and I've liked it, but I have no idea what the economy is like or where the jobs are at.
Thanks!