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Brevard County Space Coast: Palm Bay, Melbourne, Titusville area
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Old 04-01-2018, 08:12 AM
 
19 posts, read 8,718 times
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Looking to invest in a single family rental property. Wondering the best location to get quality, long term tenants. Price under $250,000.
Is there an area that has a high demand for SF rentals?
Right now, I have my eye on Merritt Island. Are there areas within Merritt Island that would be better than others?
Also,wondering about other areas in Brevard County. West Melbourne, Viera, Palm Bay, etc.?
Appreciate the help!!!
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Old 04-01-2018, 11:44 AM
 
Location: Long Island
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In that price range, Merritt Island. I also do like what has been going on in Palm Bay. If you can get a well priced home, the rents are high there but you may not get a long term rental. In my experience, I have not seen tenants in either area stay longer the about 3 years, so be prepared for new paint, cleaning carpets and fairly regular appliance updating. It's all part of the deal. Also, keep an extra few grand for hurricane repairs. Most repairs won't reach your deductible, so expect to repair fences, light roofing and tree removal.
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Old 04-01-2018, 11:58 AM
 
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[quote]In that price range, Merritt Island. I also do like what has been going on in Palm Bay[/QU

Great info!
I have been curious about Palm Bay. That area around Emerson Dr looks like a nice area. Haven't been around to the other areas of Palm Bay much. What is going on that you like?
Also, any other towns experiencing growth that provide future potential?
Many thanks!
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Old 04-01-2018, 01:45 PM
 
Location: Long Island
747 posts, read 671,170 times
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Brevard has experienced growth due to military and tech contracts (helping a lot in Palm Bay and Melbourne) and the resurgence of the Space programs growing rapidly helping more of Northern Brevard (Cocoa Beach, Merritt Island, Cocoa, Pt. Saint John, and now Titusville). All in all when a large company expands and needs several hundred jobs filled, the influx of talent creates greater demand for housing, especially when many of these are families moving in. The largest employer is the Brevard County School Board. Multiple tech and medical companies come in after that.
So what I have witnessed personally, was that my investments in Palm Bay have more than tripled in value on paper from the lows of 2011. Merritt Island nearly doubled. Cococa Beach doubled and then some. Rents in my opinion shot up the most % wise in Palm Bay. Non waterfront property in Palm Bay will rent close to Merritt Island with a much higher likelyhood that it will also be a newer build with higher cathedral ceilings, which many prefer. So I am not talking which is a better area to live in, that is a personal preference. But from an investment, I did very well in Palm Bay. Just more likely to need more freshening up when the tenant eventually moves out (and they will when you least expect it). Breaking ones lease in this area seems very common as well. As soon as they can, they will buy a house, usually in the same area.
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Old 04-01-2018, 02:03 PM
 
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Thanks. Great insight. This has been extremely helpful.
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Old 04-01-2018, 06:46 PM
 
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West Melbourne
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Old 04-12-2018, 06:39 PM
 
Location: Indialantic
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Rents all over Brevard County are very high right now. As a landlord, I would look in Palm Bay, Melbourne and Merritt Island. I would concentrate in Palm Bay though, because the cost to rent ratio is very good there. I would avoid beachside due to the higher purchase price, taxes and insurance costs, unless you are more focused on appreciation than cash flow. You can get some amazing appreciation beachside.
I do not, personally, do a lot of work in Titusville but I've heard there has been a big resurgence there. You may want to look into it. It seems as if the prices are still lower, and you can charge a reasonable rent there too.
Good luck in your investments!
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Old 04-13-2018, 03:36 AM
 
Location: Long Island
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Quote:
Originally Posted by BrevardREALTOR View Post
Rents all over Brevard County are very high right now. As a landlord, I would look in Palm Bay, Melbourne and Merritt Island. I would concentrate in Palm Bay though, because the cost to rent ratio is very good there. I would avoid beachside due to the higher purchase price, taxes and insurance costs, unless you are more focused on appreciation than cash flow. You can get some amazing appreciation beachside.
I do not, personally, do a lot of work in Titusville but I've heard there has been a big resurgence there. You may want to look into it. It seems as if the prices are still lower, and you can charge a reasonable rent there too.
Good luck in your investments!
Couldn't agree more with this. Love beachside and canal front homes, but as a landlord, tax and insurance costs outpace rent increases, but on paper, your investment will be worth more. Pick your preference.
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Old 04-15-2018, 05:24 AM
 
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Many thanks!




Appreciate the info from all!
Exactly what I needed to know.
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Old 05-17-2018, 01:32 PM
 
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It all depends on your goals. If you are looking for greatest cash return on investment, then as others have mentioned Palm Bay is your #1 option. For growth, I would go with beach side, land is running out quickly in the barrier island and you know what will happen when all it's gone.
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