One area of interest and one i have been watching for some time now is Inverness, Fl .. its about 35 mins south of Ocala .. The prices on properties are only about half way to where they were before the bubble burst, meanwhile the rents continue to rise .. its not uncommon to find Sfh at $50-80k needing $20-30k in rehab sometimes less sometimes more .. with rents ranging from around $750 for a decent 2/2 all the way up to $1400-1500 for a nice 3/2 but the average us closer to $1000-1200 for a 3/2 around 1200-1500 sqft ..
I seen a nice 3/2 1550 sqft w/ screened back porch and fencing along the back to protect kids from entering the water .. it was a block home .. it needed a new roof ( simple pitch ) and the ac replaced along with some general stuff like new paint and laminate or tile flooring .. its on a canal and best rehab est .. ( at first glance ) was around $15k to get rent ready ( most $$ for roof and ac replacement .. the ask on the property was $49.5k .. it should have rented easlily for $1100 .. only reason I didn't try to convince my investing ( financing partners ) to purchase is because , We do flips right now .. not buy and holds .. but .. i hope to change that soon .. and when I do .. I cartainly will be looking in Inverness ..
I also just seen 2 different multi family properties , one was a triplex And other was a duplex , both sold in the last 2 moths, one for $140k that was neededing nothing .. i actually pre inspected it for the buyer / investor (who is a friend of mine and started to look in that area on my recommendation ) So , she bought it for the $140 and each unit is a 2/1 thats renting out now for $600 mth .. but she plans to raise it to $650-675 on each unit as they renew later this year .. ( and she will get it ) ..
The other one .. the duplex sold for $95k and again .. needed nothing .. both of the properties had been maintained well w/ newer roofs and ac's .. i think the 2 of the water heaters in the triplex were a bit old but in good shape still ..
The duplex is a spacious 2/1 and was currently rented for $550 each unit .. but again .. they were a bit low for the current rental market .. each unit can be raised when lease expires or renew's to $650-$675 ..
Only problem i forseen with that one was.. it is located right off a paved road but the road itself was not paved .. it was around 1/8 th of a mile from the paved one .. but when and if the city paves that road .. there will be road assessment fees that will need to be paid .. that one my friend passed on .. ( but who kniws how long it might be before that road gets paved .. one thing i did like was that the whole street was duplexes and there was a lit if empty lots which could be bought for cheap i imagine .. then build a couple more duplexes or even bigger multi family units .. next to the one you already own .. might have worked .. never know till you crunch the numbers ..
And last but not least .. Inverness is supposed to be getting around 3500 new decent paying jobs starting in 2018 .. matter of fact they are putting in a pipeline though there now which has created new jobs ..
As far as i can tell the prices on houses are only about half of what they were before the bubble burst.. and the got so low that even with that in mind ..Inverness experianced around a 18% growth on appreciation since last year .. but really .. it could only go up .. lol.. point is ,, its still going up ..
Thats my 2 cents and 1000 words .. sorry about my punctuation .. I was never much good at constructing sentences .. Give me a hammer and nails and I can build you a house but give a a pencil and paper and i can build you a paper airplane .. lol..
I guess it helps that I live right next to Inverness also ..
By the way, I also like Gainesville especially if you can manage to rent to students with their parents signing the lease ..
Let me know if i can help you in any way .. I do offer my services to go look at potential properties for out of state investors .. I can take video .. give you a unbiased opinion of the property .. And even give a pretty accurate rehab Est .. I can look at things like the roof, ac, foundation ( big thing in Fl . ) neighborhood, even give you a idea of the arv ..
Just pm me if you require my help .. I dont want to go on about it because
I certainly dont wat to self promote.. just offering to help ..
either way .. I wish you the very best ...
God Speed,
Michael Short