Help me, whoever knows Orlando!
I’ve been active in Missouri and Texas. Now getting started in Orlando, Florida.
Got an opportunity to buy a straight forward 3 bed, 1 bath single family home. What are the pros and cons of long-term buy and hold rentals for this North LeLand part of Orlando?
Looking at $1,200 rents on a $165k ARV house. So the rent to value is just .07%. It's not thrilling, but I might easily BRRR this house, so it would likely be free to me at the end of the day. (Recoup my entire investment after I refinance). Are better RTV numbers easy to find in Orlando, or us this a decent rate nowadays?
Is North LeLand a rough area? Mild? Growing? Sluggish? Other characteristics that would be good to know?
Any input and advice would be much appreciated. I’m trying to learn about the different pockets and neighborhoods all around Orlando.
@Ted Kawabata do you mean Deland?
Sorry not Le Land. It's De Land like I wrote in the header area.
North De Land
@Ted Kawabata stay as close to Stetson University as you can in Deland. Some areas in Deland are more challenging than others. I would focus more on Sanford/Deltona/Debary/Orange City. Anything close to I-4.
I have been a Broker in DeLand for about 20 years, and there are definitely a lot of attractive areas to invest in. As said above, the Stetson University area has always been a safe bet for rentals. We manage approx 200 rentals in DeLand, and the Stetson rentals are rarely vacant beyond a couple days. Unlike a large city, in DeLand a few blocks in distance can make a huge difference in the rental rates. There are also some great pocket neighborhoods further out of town that we also have success with. As with most areas, it is getting harder to hit the 1% rule on price/rent, but it is still doable. Best of luck!