Hello BP community,
I'm looking for some advice from someone local or familiar with the Orlando College Park area. I'm looking to buy a property in the area but the cash flow is almost to the point that I'm on the fence with the deal. I have not looked at the property in-person but plan on being there for the closing if the deal goes thru.
The cash flow is about $100/mo. with 65K down not considering the lease renewal fee charged by the prop. manager.
I have a few questions that will help me decide whether I should move forward with this and I'm looking for advice from experienced fellow members:
1). Are there any bad areas within College Park to avoid?
2). I have analyzed the market for rents and I came up with a rent range for 1 bedroom in college park to be about 900-1000 range. Does it sound correct in today's market?
3). If you know of any Property Managers that you can recommend, could you please let me know?
While I'm not necessarily an experienced investor (closed on my first home 2 years ago and closing on my first investment property in 3 weeks), I do have a good deal of knowledge of the area since I have lived all over Central Florida for the past 10 years along. I'll give the best advice I have:
1) For the most part, College Park is very, very nice. In my opinion, it gets nicer the more northeast you get and away from Downtown (as I feel it is in most cities). Note it is also very eclectic, a lot of artsy character. The Northern part has a beautiful golf course called Dubsdread. To the East you get closer to Rollins College, one of the nicest in the Country. Several US Presidents and political figures have spoken at Rollins, most recently Barack and Michelle Obama.
2) Depending on the property, 900-1000 should be easy. 900 would be the absolute lowest unless the place is very run down. I'd even say 1100-1150 would be possible. Rent prices have increased slightly in Orlando for every year I have been here.
3) I don't have any personal experience, but my neighbor recently relocated to California and she used Bluesky Property Management to rent out her home. She is very pleased with them and the tenants they brought it are excellent. Not sure if they go as far as College Park (I currently live about 30 miles from there), but that's the only PM company in the area that I have a personal reference for.
1. College Park is a great part of Orlando. It was an eclectic feel to it with lots of trendy antique stores and great restaurants. It's a great market to target young professionals due to proximity to downtown. I would just confirm that it is College Park and not just marketed that way.
2. If you are in the right section of College Park, $900 will be a breeze to get.
3. Presidential Group South. They are easy to work with. Nice thing about them is the max they charge is $100, so if you are renting it out for $1300, they only charge you $100. Most companies charge a standard 10%.
PM me if you have any additional questions. Happy to help.
@Ryan Cole @Erin Wysocki Thank you both for responses. Very helpful replies. Erin I sent a PM to you about the exact College Park location for the property. When you say the right section of College Park, could you please tell me what would you consider not so great area of College Park, if any?
I will call both Prop Management companies tomorrow to find out more. Thanks.