Hey Glenn - I live here in WPB and am very familiar with the market. I'm very bullish on most parts of WPB and think there is tremendous long-term rent growth here. Demand is very high and the $1225 avg. rent seems fairly accurate for a class c building (obviously depending on finishes and upkeep this can fluctuate). May have some room to bump rents to 1,400 -1,600 depending on location within WPB. West Palm can change dramatically street to street so its really important to make sure you're on the "right side" of the tracks in certain spots. Are you able to share the location?
I would for sure consider this property. Since this property is in South Florida and demand will continue to grow for rentals and homes getting more expensive I can see rents increasing for this property. Also, I am assuming since I don't know the specific location that this is in a good/ decent area.
@Glenn Gurvitch @Nicholas White Has some good points. Lots of variables. Depending on the exact location / neighborhood etc. I would say that $1,200 for 950 w/ a washer dryer is low. Do you manage any multifamily property? I may be interested in this deal as well if your buyer is not. We should connect.
This deal landed on my desk
@Glenn Gurvitch Just saw this, out of interest did your investor buy this?
Yes they closed! We are looking for more multifamily in PBC if you come across.
Congratulations Glenn! Sounds like an awesome acquisition. Hope its running well!!
@Nicholas White What areas on West palm do you see the most growth in?
My personal favorites are Flamingo Park, Pineapple Park, Poicianna Park II, Vedado, Southwest and Parker Ridge. These are the neighborhoods between Okeechobee to the north and just south of Forest Hill to the South, all east of 95 but west of Dixie Hwy. You can find many homes here between $250-400k and lots of them have small guest apartments. There are a lot of homes that still need some work and you can often find a deal in this area. The neighborhoods on the east side of Dixie in this same area are very expensive ($1m-$15M homes) and are experience a boom of building due to large lot sizes and no historical restrictions on many homes. These expensive neighborhoods are El Cid, Prospect Park and SoSo.
@Nicholas White we live in Coconut Creek and have been looking to buy our first multifamily property. Two years ago we started looking in Broward (we don’t want to buy in Dade county). However we haven’t checked palm beach county. Our ideal property would be at least 5 units, built in the 80’s, b class neighborhood. What is the average price per unit up there for a property within our parameters?
Will be glad to connect and discuss more.
@Maria T. What you described would be around $150k+/unit in this area depending on the income it generates.
@Brian Garrett thank you. I didn’t think it was that high. Are you still finding deals in Palm Beach? We’ve had a very hard time finding deals in Broward. We are currently focusing our research in Central Florida Orlando, Tampa and st Pete
I am also a new investor I moving out of my apartment in a few months and looking to house hack a multifamily: Duplex. Looking in Broward and Palm Beach. I am seeing a lot of 2X1's and 2X1/1X1, but no 2X2s. My price range is <$300K.
1. Should I stick to looking for 2X2 or just focus on 2X1s or 2X1/1X1?
2. Been searching MLS, but may need to try and think outside the box, Anybody looking to sell a duplex?
2/2s are harder to find in older builds so you will definitely limit the number of properties that meet your criteria. I am under contract on a second duplex 3/2 and 2/1. I am very familiar with my area in Broward and there are not many 2/2's. You are also not going to see a huge rent bump for a 2/1 versus 2/2. So if you find a 2/2 just make sure the price isn't drastically higher than a duplex with a 2/1 i.e. that extra bathroom must be justified.