Need advice/feedback on buying in Cape Coral (Surfside: rentals, insurance)

[akgirl51997]

My first post may have sounded like I was looking for someone to buy or rent (not the case) so I am reposting hoping for some feedback from all of you who live or rent in Cape Coral.

We are considering buying a home in Cape Coral to rent out either as a vacation rental or full-time rental for several years before moving down to CC. We are boaters and so we are wanting at least a 3bd/2ba home on a canal (not at a dead end) within close idle distance from the river and Gulf access. A pool would be nice or room for one later. Not sure what areas are best but most likely SW or SE. We want assessments already paid and don't want any multi-family housing in the neighborhood, just single family homes. I tell you this only as background for my questions about renting out so you have a better idea what type of property it would be.

So my questions to you are this:
How is the long-term (ie 1 yr) rental market?
Is there a steady market for vacation rentals? How many weeks are considered "season" for purposes of evaluating how many weeks we might be able to rent during the year?
Any idea what flood insurance runs on average?
Is SW and SE best areas for us to be looking in?
Overall how is the community to live in?
Read that for insurance purposes age of house is important - any have some info in this?
I have heard there really is no place nice to walk is this true?

Well I am interested to learn as much as I can about the area from folks who live there and all the pros and cons. Also if any one has realtor or property manager recommendations I am interested in those too.
Thanks!

[krestkove]

We are in the process of purchasing a home in SE Cape Coral. Here is my realtor. She is awesome!!
Her name is Alicia.
We may rent our house annually. I heard seasonally rent will be a pain. You will need to keep your home furnished, be prepared for several different families and their friends to come and have FUN in your house. This could mean way too much fun and they will wreck it. You will pay utilities on seasonal rental. With annual rental, they pay utilities and take care of yard.

Cape is a friendly, fun area to live. Home prices are right where they should be finally. Neighborhoods are good. NW, NE are still not developed much.

Hope this helps.

PW

[iluvfl001]

I am going to message you and answer all your questions

[sunshinewi]

We bought a home a couple years ago and have it rented annually. I will send you a private message also.

[cviz]

As someone who did this, I will try to help.My situation is a little different as I purchased a dry lot home back in 2010 and offered it as a vacation rental for several yrs. We are now full-time residents here in the Cape.

Long-Term rentals are usually a 1 year lease or 6 months.

Vacation Rentals are steady. My home rented for 4 months solid during peak season and sporatically during the summer and fall. My rentals basically covered my mortgage expenses. Gulf Access homes are more desirable, than non-Gulf Access. The less bridges or direct Sailboat access are prime locations and can warrant a higher rental fee. However, the condition of the home and it's age pays a part on what rents you can charge.

Flood Ins is roughly $1200 or higher a year, depends in what flood zone you are in. That above Homeowners Ins which for a rental property can be $1800 to over $2000 per yr.

Both the SW and SE are desirable. South of Cape Coral Parkway and West of Santa Barbara are prime locations. For Gulf Access lots it's based on how long it take to get out to the Gulf.

Overall, we love Cape Coral. I moved here from the Northeast and way of life and accessibility to everything is wonderful.

Older home were not built to the current hurricane standards, so they will be on the higher side when it comes to Homeowner's Ins.

I see people walking all over my area. I'm near Surfside Area, so it is quite scenic.

I hope this helps

[akgirl51997]

Thanks for all the helpful info. I am in the process of processing it and using it to narrow my search and truly figure out if this is what we should do as it will be a big endeavor to travel down for house hunting etc.. given distance form Alaska and taking time from work. I really appreciate all the info I can get and your contributions to my "research."