Does Marion Oaks, FL have a higher growth rate or Silver Springs Shores, Fl? Which area is more desirable for single family investment and have a higher rental demand?
@Shabii Dilmagh silver springs shores is a large community in Marion county. Both Marion county and Silver Springs Shores are experiencing tremendous growth. I am building 2 new construction Sfr’s in Silver Springs Shores. I expect to rent them for 1,300-1,400 on a purchase price of around $138,000.
@Shabii Dilmagh Marion Oaks and Silver Spring Shores are very similar. Both are large communities with sections of varying desirability and a wide range of property values. You'll find everything from working class rentals to upper middle class homes within these two communities. Marion Oaks is located in SW Marion county, an area that has been experiencing tremendous growth.The Shores is in SE Marion, closer to two of Ocala's primary hospitals, etc.
Both have a mix of older sections, later builds and and both have plenty of new construction. Either would be an excellent choice and are great for holding, flipping or wholesaling. I've flipped multiple properties in both communities and they fly off the shelf. I have friends with a number of rentals in both communities and they're consistently overwhelmed with rental applicants. The question may be, "Where within these communities do you want to hold properties?"
@Pam Krull Thanks a lot for your feedback. That was very helpful. Now that you brought this question up, where in Marion Oaks is safe or more desirable to hold properties?
Generally speaking North Marion Oaks (north of hwy 484) is considered the more desirable area, with later builds, new construction and a mix of owner occupants & rentals. South of 484 is the older section of Marion Oaks, with some areas just to the north and south of Marion Oaks Ln leaning more toward rentals and typically lower property values. Outlying bands offer a mix of older & later builds and some new construction.
There are opportunities in all of these areas. Your own investment plan; target purchase price, desired return/yield, plans for property management, long term exit strategy, etc. can help determine which area/property is the best investment for you.
Do you by any chance know a good property insurance company and a good inspection company for Marion Oaks, Ocala?
@Shabii Dilmagh , I sent you pm.
@Clay Lehman , are there any new constructions available in the price range you mentioned, $138K? If not, how much are equivalents properties going for now? Thanks!
@Edwin L. - unfortunately, no. In fact, the first one I finished came in closer to $150k due to the increase in construction costs. We had a builder that was building 1,000 sq ft wood frame for around $130k but they just sold to Lennar and my understanding is that they won't be building that model any more. It is hard to find anything under $170k in our area any more. I was just talking with a friend that buys at FC auction and he said that somebody bid $140k for a house with assessed value of $97k. It is getting really hard to make sense of the mindset of the investors coming into the market.
Edited to add that the good news on my house is that I ran my numbers assuming it would rent for $1,300, but it rented for $1,400 in a day. So while it cost more to build, my return is still super healthy due to the increase in rent.
@Clay Lehman , thanks for the quick feed back and information. Glad to hear you got more for rent.