Any advice for first home in Space Coast Florida area...got about 60k+ to start; looking at 230k price range for first home.
Hi Christopher, I property managed and sold Real Estate in the Brevard County area, Melbourne would probably be your best bet to find best value and proximity to everything.
I have a few rentals in Brevard. Melbourne proper is centrally located, Rockledge has been improving in the last year. Quite a number of military members commute between Patrick AFB all the way down to Palm Bay. Titusville has been in the slumps...with few I've met here thinking it will change much. Merritt Island is also convenient to fun at the beach and jobs.
Thanks for the info, going to start looking in all the areas you described. Is there specific areas that rent out better then others within the defined city limits? Also would a single family home be better to start with over a condo?
@Christopher Rogers , you are just going to have to search those out. I challenge you to set your own parameters.
As an example: I buy 3 bed, 2 bath brick or block houses for cash flow in ZIP code 32935.
Rules of thumb are that lower end properties have a higher rent to value ratio, but come with more problems. Rents are higher in A rated areas with good schools and near workplaces, but are harder to cash flow since the property values are also higher. You need to build your own parameters. There is a bit of a teeter-totter with cash flow vs appreciation.
Again, the question about starting with a house vs with a condo. Some people love condos. I am not one of them. I don't want to mess with HOA issues. Some people love plex units, and later roll into the bigger apartment buildings. I happen to love single family houses.
I buy in the middle of the county for cash flow, and on the barrier island for my first run at a vacation rental, and a guess at appreciation. I am well diversified, in terms of location. I am not well diversified, in terms of property type (only buy houses), or class (A and B type housing).