Hi all! I'm trying to familiarize myself with St Pete as an investment area, and some feedback from locals would be massively helpful.
I'm scouting multi-families to househack, so ideally somewhere that needs cosmetic improvement but isn't totally in the hood.
Historic Kenwood looks exciting(!) and fits the bill, and parts of Old Southeast also look promising. Are there similar neighborhoods that I should be checking out? Places to avoid altogether?
Don't forget Gulfport and westminster hights.
Thanks @Geoffrey Schnake , I'll check out Gulfport and Westminster next!
I like to cross reference with a crime map when I am looking for a house.
Thanks @Jay Kiehn ! That's a great idea -- it's amazing how quickly the neighborhoods change quality here.
You are very welcome. If you need any help please feel free to let me know.
I avoid South St. Pete particularly the Childs park area. All of my friends are St. Pete police. They give me great insight to what areas to avoid and what areas are moving in the right direction. If I can help in any way, don't hesitate to ask. I'm happy to help
Thumbs up on everything so far.
If you're not inclined to make the drive, use Google Maps Street View to check out neighborhoods. In some areas, three blocks makes a tremendous difference, which is also fair warning against overly optimistic valuations of comps. I've seen it here. D-class properties comped with A-class properties ARV.
There aren't as many small multifamily options here as one would expect in other metro areas. Our geography and real estate history never found a large demand for them. If that's a dedicated niche that you're focused on, search the big-box sites for any and all 2-4 unit properties. Those results will point you to the neighborhoods that actually have them.
There are plenty of areas with great opportunities for almost any niche.
That's part of the frustration and beauty of this area. If you know it and understand it, you can rock it. If you don't, it's horribly confusing and disheartening.
If you don't have it absolutely wired, find someone who does.
Call me crazy, but I prefer South St Pete as it is more manageable in terms of finances. Property taxes are low and houses are cheap. I would say rentals are great to have here in my experience but have also flipped for a profit. I invest in Perkins, Child's Park and Mel-Tan Heights. Sure they are not the safest but I do hand-pick the "quieter" streets as they change from one street to another and not from one neighborhood to another. While some people would not come close to these areas without their vest on, I do believe it's important to bring a little sunshine in the avoided areas. How else will these areas grow?
In addition to the areas already mentioned, check out Central Oak Park, particularly from 49th St to 37th St, between Central Ave and about 5th Ave S. I, and a few of my clients, are buying in that area. It has a lot of the same charm as Kenwood (red brick streets, etc), but is several years behind Kenwood in terms of value (and potential).
A colleague of mine just completed a flip at 4134 3rd Ave S ($78k purchase price, currently pending in the mid-160s)
I recently bought the house next door at 4142 3rd Ave S ($101k purchase price, rented for $1150/mo)
A client of mine recently bought 4511 2nd Ave S (a small MFR with a 2/1 single family and a 1/1 apartment) for $143k.
Another client of mine recently bought 3544 6th Ave S for $68k. Turnkey, rented for $995/mo.
The deals are out there, you just have to keep looking...and looking....and looking!
Hey, I couldn’t agree more when reading your threads! I browsed across the bridge at St Pete and it’s the same with Bradenton/Sarasota - within the affordable areas, it can be difficult knowing where to avoid.
Your post was 10 months ago - I’d love to hear what has happened since?! I too am currently lookin for a good MFH for investment.
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