Rental Property Investment (Palm Bay, Merritt Island, Cocoa: foreclosure, condos, mortgage)

[steve48]

Howdy all, first-time poster here ... I checked earlier postings, and haven't seen this covered (at least recently):

I currently live in MA, and after one too many harsh winters, am looking at the Brevard County area as a potential long-term destination when I retire. I'd like to establish a foothold by purchasing a single-family home as a rental property in the interim, and would appreciate some insight ...

Some questions:

1) My plan is to buy a 3BR/2BA home in the $125-150K range - are there decent properties available in that price range? I regularly check the Brevard County MLS website and see a lot of listings, but would prefer an eyes-on perspective.

2) I'd also need a property manager - I've done the remote landlord thing, and feel the expense of a good property manager is worth the peace of mind. Any good/bad experiences or recommendations? Ditto any realtors who have dealt with out-of-state buyers ...

3) I'm flying down President's Day weekend to visit the area and get some perspective; any areas in particular you might recommend to check out during my stay?

Thanks in advance for any insights you may offer -

[Nypafl4u]

Many questions before I can answer, but I can DM you a great realtor and rental agent. It really depends on where in Brvard County you want to be and/or invest. You will find homes in many areas at this price point, so you need to weed out the areas to avoid and focus on the ones you like. How much are you willing to allow for to fix up? There are some homes out there for less that will require new paint, repairs, appliances and flooring. This can quickly add up. I am leaving Brevard as we speak and I was just in Palm Bay, Cocoa Beach, Merritt Island and Cocoa looking at properties. Feel free to DM for specifics.

I will say in my opinion, you will get a good rental return in Palm Bay but a better long term appreciation in Merritt Island and Cocoa Beach (if you can find something decent in those areas). More turn over in PB and more credit issues overall, from my experience. But you can ake money there with your budget.

[1insider]

The cheapest SF home in Cocoa Beach with at least 3 bedrooms and 2 baths is asking $169,900. It is a gutted foreclosure in need of extensive repairs. The next cheapest one with at least 3 bedrooms is a 70 year old frame house asking $229,900. A $150,000 budget won't work in Cocoa Beach.

[Nypafl4u]

I agree. But you can find a townhouse or condo in that range. But I think Merritt Merritt Island is the way to go for a house.

[1insider]

Originally Posted by Nypafl4u

I agree. But you can find a townhouse or condo in that range. But I think Merritt Merritt Island is the way to go for a house.

True. There still some compelling values in condos and townhouses beachside.

[steve48]

Thanks for the reply, folks - especially the input from Nypafl4u - it's all appreciated. There's a lot to consider, and I realize the limitations of my price point. Not a quick or easy decision, so I'll be researching it carefully ... I'll get a chance for eyes-on next month when I'll be spending a few days in the area (and escaping the single-digit temps in the Northeast!).

There's no rush on this; I don't expect any huge fluctuations in mortgage rates anytime soon, plus a few other things need to happen before I can actively look at purchasing anything -