Lakewood Ranch, FL · Member since 2021 · 10 posts · 4 votes
Looking to get some feedback from anyone in the BP community who has long term rental properties in St. Pete, FL.
I'm curious about a few things:
What are your thoughts about the active revamped area Historic Kenwood? (Thoughts / future on the area, how places are renting, is there risk in getting a rental property here for any specific reason?)
I have an opportunity with a 2/1 pocket listing with an ask of $489k (sellers paid $350k in 2020) - how should I confirm estimated long term rental income in Historic Kenwood? The numbers I'm pulling are north of $3000/month which would equate in solid cash on cash, and cash flow with 25% down on $489k property.
This home was built in 1925 but very updated across the board from interior, exterior and major things like new roof in 2012, new AC in 2015, and new plumbing / electrical in 2017 - BUT, this was built in 1925 and still at the back of my head. How concerned should I be about the age of this home should the numbers continue to check out?
Realtor · Odessa, FL · Member since 2020 · 69 posts · 21 votes
5y
1. Is the property in a flood zone? I guess the one risk is that if the market falls, I think a property valued at 489k thats only a 2/1 will drop harder than two 3/2 valued at 250k each. Also, what is your general insurance cost looking like?
2. Ask the agent to pull comps off MLS or to send you all the comps so you can sort through on your own. Now that you have to pay to be on zillow for rentals most don't syndicate there anymore.
3. Did they replace ALL of the wiring and pipes? or just replace a drain and electrical box?
I purchased a 2/1 + 1/1 in Historic Kenwood in March and I am very happy however I would caution you against that purchase price for a 2/1! You will have a challenge renting it for $3K unless it is unbelievable and has all the crazy upgrades that people are looking for. Insurance has also been a challenge and way higher than anticipated.
Lakewood Ranch, FL · Member since 2021 · 10 posts · 4 votes
5y
Insurance is $4k a year- no flood insurance required. Good call on asking about the replacements for electrical / plumbing. This place is def. high in price according to the comps .. but it is highly upgraded. Maybe this is too risky due to size and trying to fetch $3000+ a month in rent. The closest comps to this size of place are in the new apartments in this area ... 2/2 apartment ranging from 2500-3000