How is the rental market in Fort Myers and Naples area look like? (Estero: sale, apartment)

[Dancingdots]

Hi,

I am new to this forum, I am looking to buy some rental properties, so, my retired husband have something to do, and I will have a full time job.

I do not have a lot of money, but I can afford a income producing property around 600K, so, I like to know how the rental market is like in Fort Myers?

Any help will be grateful.

Thanks!!

[cviz]

Seasonal Vacation rentals do fairly well, depending on location and age of the home. Year-round rentals are not great income producers. Year round rentals yield between $500 - $800 per month for a 3 Bedroom 2 Bath home.

[Dancingdots]

I am actually thinking about a 6 plex or something like that. Would it be too ghettoish?

[CCRESI]

600k or 60k???

[Dancingdots]

600K I don't think I can buy a multi-unit apartment for 60K,

[Chicken Wing]

If you really have 600k to throw at rental properties, you shouldn't be listening to people on here.

[stahltkd]

Friends of ours found a 1900 sqft house in Lehigh for 500/mo if that tells you anything

[dmacias1]

Why not purchase a condo on Sanibel for that price, our company handles sales, rentals, and property management on the entire island. You can get into a condo on Sanibel starting in the mid 300's. The smallest condo with no view that we have available rents for $1100/Week out of season and $2000/Week in season. The longer the term, the rental fee of course goes down but typically we deal with weekly rentals on a Saturday PM to next Saturday AM stay.

However if you are looking specifically to rent in Fort Myers the rental market is doing very well and homes are renting quickly. Look around Daniels Parkway and 75 area, Estero, and Miromar; you want to have a property to take care of from time to time not one that you constantly babysit or takes up all your time. The amount you have to invest could get you multiple single family investment homes. Getting into multiple unit properties is going to monopolize your time and the return on investment maybe hampered by maintenance costs.

[tjstrain]

Originally Posted by Dancingdots

I am actually thinking about a 6 plex or something like that. Would it be too ghettoish?

YES, you hit the nail on the head!
Better off investing in single family's in nice neighborhoods and getting premium rent for them. You get involved with budget rentals it's gonna cost you big time. Do you wanna be a slum lord? Or have nice families that will take care of your property. There are so many families that over extended themselves with second and third mortgages and are now forced out of their homes and must rent. They have the income, just no deposit to buy a new place. I've had my own "for rent and sale signs" out front of the house right next to me that I bought a year and a half ago +/-, just to see how the market was going and for the last year it has picked up immensely in people inquiring about the home. I never signed on with a realtor just to see if I could do it. My last two house I used a realtor and they got a nice pay check for that. The best part was talking with all those who stopped by and saw me out front of my home and asked if I knew anything about the home for rent and sale. I watched for their reactions to the info on the signs and listened to their responses. Of course quite a few figured due to the economy it would go for cheap. The house is 2900 square feet with a pool on a lake. It's listed in the classifieds here, I would actually send the link here (marketing for city-data, your welcome) to those who past the initial questions.
I put an E-mail address on the signs instead of a phone #. That gave me some info on them before I even talked to them. It's amazing what you can google these days.

[tjstrain]

Estero is the place to be, or real close. Be really picky where you buy for rentals and eventually sales. Do your research, don't jump into it blindly. Buy smart, rent high, sell higher! Always get an Inspection on everything you are looking at but be there when it is done. The inspectors are favoring the realtors now a days. There was a home across the lake from me that I told my northern friends about. They wanted to invest and knew I was investing here and knew the area very well. I was also friends with the last owners who let it go to foreclosure, spent many hours there and knew the home well. My northern friends signed a contract with bank and requested an inspection which I accompanied the licensed inspector on. I have 30 years in the remodeling business so I know a little about building. He found quite a bit of negative items including the roof needing to be watched. Well, I've done quite a few total roofs, and a lot of roof repairs in my day and this one needed a total tear off and lots of plywood replacement. He figured it had 3 to 5 years years left. It didn't have 3 to 5 months left, it was already leaking and showed signs on the ceilings below. So go with your inspectors when they out. I told my friends I would drop the offer about 25,000 with all that I saw. They counter offered 10,000 less and the bank rejected it. WELL, a 3 weeks later the bank called back to see if they were still interested, they were but now they countered 18,000 less and settled at 15,000 less. The new roof is going on next week I'm glad to say.

I was actually impressed with the inspector, owner operator, except his view on the roof. I would suggest everyone do a pre-inspection with someone who actually has been building or remodeling homes. It could save you a lot of cash.