Looking for investor who holds rentals from Tampa to Cape Coral

[David Siders]

I want to get away from high HOA in Orlando and buy from Tampa area down to Cape Coral. We live in Venice. Right now it looks like I could buy old over priced small units or a new duplex and get the same return on both. One person advised me to buy smaller units . Not sure which way to go. I am hoping this post will find someone in this geographic area who has some real experience to share. Thank you

[Stetson Miller]

Hi @David Siders,

You're absolutely correct in the fact that properties built in the early 2000's up to around 2015 are seeing roughly the same gross rental incomes as new construction properties in the area, with huge price disparities. Typically, in Cape Coral, most of these older duplexes are going to have close to the same square footage per unit as the new construction properties, about 1,150-300 square feet for a 3/2. These are the unit types that are renting for roughly the same as the new construction properties. Anything much smaller than than and you're looking at a reduced rent and rental demand, and lower quality tenant applications, but not a major reduction in price. Therefore, those 6/4 duplexes, 1,150-300 square feet per side, with a 1 or 2 car garage, built in the 2000-2015 range, are going to be your best income generating properties when trying to balance increased potential returns and placing higher quality tenants. 4/4 and 4/2 duplexes can be profitable as well, but ones that can still account for similar returns are harder to come by.

@Bernadeau C. @Tammy Skeath I would be happy to answer any questions you may have, feel free to send me a message or an email at any time!