Florida Real Estate Q & A Discussion Forum

Florida Real Estate Q&A Discussion Forum
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Florida Real Estate Q & A Discussion Forum

Shoshana Shulman
Investor · efrat, israel · Member since 2014 · 93 posts · 20 votes

I apologize profusely. I was using the wrong name...I meant Cape Coral. The new builds in Cape Coral, which are going up on vacant lots, are between 200,000-300,000. If anyone is in the Cape Coral area, and can give me an idea of the rental demand, real estate appreciation, quality of schools, best streets in Cape Coral, any boots on the ground information, I'd appreciate it. Sorry about the error in naming the place.

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  • Stetson MillerBusiness Member
    Real Estate Broker · Fort Myers, FL · Member since 2019 · 576 posts · 423 votes
    5y

    Hi @Shoshana Shulman, I'm an agent working exclusively with investors in the Fort Myers and Cape Coral areas, so I can certainly provide some insight on these new construction builds. Most of these in that price range are going to be in the Northern end of Cape Coral, which comes with lower rental demand and higher vacancies. It's a developing area, so this is to be expected, but it is still going to have a rural feel, which not everyone wants in Florida. 

    The appreciation potential here is huge, considering similar homes are selling for significantly more half an hour south of where these are being built. Quality of schools is good, but as for the best areas, it's going to depend on what's most important to you. On one side with the new construction, you get low maintenance costs with higher appreciation potential and lower returns, and on the other hand purchasing an existing duplex, you can expect higher returns and still great appreciation potential.

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  • Alvin Taveras
    Real Estate Broker · FL · Member since 2018 · 149 posts · 96 votes
    5y

    @Shoshana Shulman you are officially banished from the forum. lol

    These are all great questions. I'll start by saying that 300k for a build-to-rent is waaay too high. You definitely want to be below 230k. Yes, picking the right location is always key. The main benefits of new construction (besides less brain damage) is the amount saved over time as fewer repairs are needed and the higher rental rates. Appreciation has been great as the population continues to grow (over 10%). Also, because you can advertise your rental before the completion date, most are rented before they are even completed. 

    For someone out of the state or country, I would definitely advise going this route. No need for rehabs and you get the best tenets. 

    Best of luck!

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