Strong but Cheap Rental's Sorrounding Orlando FL

23 Replies

I am looking for my second rental under $120K (absolute max) in the surrounding Orlando area.  

Must be good condition (no slum neighborhoods) and want a strong property that can bring in reliable tenants....but in an area that is not as competitive as Orlando itself. Does anyone have any recommendations? I've heard a lot about Orange City and wanted to see if there are others I might not know much about.

The million dollar question............. :)

If you can find something in Orlo Vista / Timberleaf (32811) in that price rang it would be good, 32818 if you're really lucky, but Deltona would probably be the best bet! 

Michele,

There are deals to be had in that range in Pasco and  Volusia counties. I have gotten two deals recently for $110 and $120 for both counties that cash flow. Just need to really search, be quick and ready to do business 

I started looking a little further north (Ocala), or a little further south (Lakeland).

I I has been wholesaling properties cash flowing over 1% in the Deltona area in the past few months. In fact, I have already met with two BiggerPockets members who only purchase rental properties in Deltona. One of the properties I sold went 109k and will be grossing $1250 while the other for 112k will gross $1300.

I live in Deltona myself and there are not too many places here in town where I wouldn't bye a rental property. DeLand is right next door and that is pretty good but I find it to be less profitable for landlords. Orange City is exactly like Deltona so you can add that to your search as well. And for that price range I would absolutely stay out of Daytona Beach.

In short, the answer you're looking for is Deltona; a medium sized bedroom community 30 minutes from Daytona Beach and 30 minutes from Orlando.

My Family and I invest in Kissimmee, St. Cloud area near Orlando, great areas.

DeBary is also a great place to look. There are still some competitively priced homes in nice neighborhoods.

I have a 8 rentals out in detona, great place, plenty of interested renters but turn around on finding good tenants is about 2 months.  Your are right target Orange city, debary, sanford, and deltona.

Thank you BP fam - I really appreciate everyone's input! 

@Michelle Elsaid , the Orlando Metro Area is one of the fastest growing in the entire U.S. The metro has added over 400,000 new residents in the last five years alone. The metro has seen 9% appreciation in the last twelve months alone. I have analyzed every zip code in the entire Orlando Metro Area and many are already sitting at 0.60%-1.1% average rent-to-purchase price ratios without even adding distress. Rentals that are in desirable areas (areas I have identified quantitatively as those that command rent premiums against the metro average) usually don't sit more than a week or two on the market. While the actual city of Orlando is very small at about 270,000 residents, the Orlando Metro Area is a staggering 2.4 million. You can't confine your Central Florida rental search to just the small borders of Orlando city proper. You need to look beyond at Winter Park, Altamonte Springs, Apopka, Lake Mary, Winter Garden, Ocoee, Clermont, Minneola, Davenport, Kissimmee, Windermere, and more. 

Andrew, Great advice. All of Central Florida is booming. Local statistics show 3.3 months of inventory. property sells quickly. Orange, Lake Seminole, Osceola are just a few of the attractive areas for investors. 

@Michelle Elsaid Look in Apopka and Winter Garden, two areas that check every box you could want in Orlando. I have a duplex and two town homes I picked up in those areas for under $100k/door with >1% price/rent. Really good growth in those areas as well as a good tenant pool. 

Originally posted by @Jeremy Kuchenbecker :

@Michelle Elsaid Look in Apopka and Winter Garden, two areas that check every box you could want in Orlando. I have a duplex and two town homes I picked up in those areas for under $100k/door with >1% price/rent. Really good growth in those areas as well as a good tenant pool. 

 damn when did you pick up a town house in Winter Garden for under $100K!? 

@Chris Grenier closed on them in January. Believe it or not they were sitting on Loopnet for 60 days. Paid 67k a piece for the two of them with current gross rent of $2100. Will have/had about $7k in est. cap ex during the first 3 years but other than that pretty cut and dry.  Three exact comps have sold recently for just under $100k in the same neighborhood.    

Anyone has few leads for SFR under 150k?

Planning to visit the area on 13-14 of January.

Please PM.

Thank you.

I'm heading there, too -- to live and invest.  I'm looking to buy a home in Winter Garden area and then purchase a couple of multifamily in '18, so to @Andrew A. 's point, I'm open to all areas including Deltona areas.    @Rainiel De La Nuez can you add me to? May I dm you my email?

The DeLand and Orange City areas have REALLY gone up in price fast. Now, old 2/1 houses are on MLS for 135 to 140k. Most of everything under $150k is junk. Seminole county is now less expensive than Volusia because there is a big shortage of homes in DeLand and Orange City area, so the price is up. House rentals are VERY scarce. We just bought a nice 3/2 condo in Altamonte Springs for $80k. it will make a nice rental.

Deltona  has some good opportunities if you want to go there.  There are a lot of homes for sale there in various price ranges.

Hi everyone. Any input in the Union Park area closer to the University? 

Originally posted by @Jia Liu :

Hi everyone. Any input in the Union Park area closer to the University? 

That's pretty far East in comparison where the hot areas are for rentals / resales. I'd stick more central of the downtown area if you can find a deal, 32810, 32811, 32808, 32818, 32825, 32805, etc. 

Can someone please share your thoughts on rental demand in Ocala near silver springs.

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