I think there are way too many generalized statements in this post. Yes, there are parts of Jacksonville that have high crime rates. This isn't much different from any other large city. But there are also areas that are nice to live in with good schools. Of course some areas have higher rent than others. This, too, isn't much different from other cities. It's not a secret that Jacksonville is the largest city in the country so we have to be careful that we're not lumping the entire city in to one description. That wouldn't be fair. And honestly it wouldn't be accurate at all. It simply boils down to what works for YOU and your investing strategy. When you determine what you want then you can focus on those zip codes. In my personal opinion it wouldn't be smart to eliminate the entire city because of an opinion about one area that may be 45 minutes away.
Very encouraging to see these articles. Jacksonville is so huge, its hard to narrow down one/two particular zip codes or zip codes. What are the hottest neighbourhoods that are trending upwards in the next 2-3 years?
@Obi Dorsey Yes, I just read at least 2 posts where individuals were making trips to come to Jacksonville within the next two weeks to invest lol!! There's plenty to go around though.
What do folks feel are the major stats / trends driving Jacksonville as an investment area for 2017? I'm hearing from friends that live and rent there that they are seeing a lot of new construction coming up not too far from where the jobs are located which may hurt property appreciation trends.
We were talking about multi-unit family homes in JAX, and he was suggesting that for very little additional $$ a renter can get a good SFH for rent these days so the motivation to rent a unit in multi-family seems lower. Thoughts?
I am a native of Jacksonville florida and it is a hot market for sure but I am putting together TIC Self Storage properties and am liquidating my residential rental property portfolio. I had 6 and I closed on 3 last week and I have three that are currently all rented so if anyone is interested, please let me know and I can send you the details. Please let me know!
@Robert Hetsler Congratulation on closing 3 properties! Are you planning on performing a 1031 exchange? Where do you plan to move your focus to now since you are liquidating your residential portfolio?
A quick question for the group. I am looking at two areas, since my price range is around the $100k for a single family rental. It is very hard to find properties in the Historic District (which I am most interested in for Buy & Hold), and the Murry Hill area seems way too "hit or miss" for investing from OOS. What are your thoughts on Orange Park as a suburb with decent schools? Any suggestions of where I should be looking? Thank you!
Im interested if any of you can answer @Amar Doshi question re:
"We were talking about multi-unit family homes in JAX, and he was suggesting that for very little additional $$ a renter can get a good SFH for rent these days so the motivation to rent a unit in multi-family seems lower. Thoughts?"
This is the situation in Memphis TN, MFH Are not as attractive to tenants if they can have a house with a garden for little more...
I think this is true. Most ofy tenants seem to prefer a single family rental to an apartment, but that may be becaise I rent SFRs. Some people are turned off by having neighbors surrounding them.
@Hadar Orkibi that is a broad statement. I have a duplex that is in a mostly SFR community, near Bartlett, TN. My 3 bedroom 2 bath SFR in the same community rents for $1200 per month. However, the 3 bed 2 bath duplex is only $750 per unit. This duplex stays 100% occupied.
Every market and sub-market have their nuances. The key is to find a great team! Ideally you would find a company that has everything under one roof. Acquisitions team, renovation crews (fully licensed and insured), Property Management, and a Real Estate Investment Brokerage in case you ever decide to sell.
By teaming up with a solid firm you can mitigate your risk and have some "boots on the ground" that have your best interest in mind.