How is the area south of Edgewater Dr. by Harbor blvd? (Port Charlotte: rentals, new house)

[Nypafl4u]

My friend just got an accepted offer on a canal house on Sinclair St. He plans to move down from NY with his family eventually when he retires as he loves to sail. Until then he plans to rent the house out to help offset his costs. As I am helping him, without ever actually seeing this area myself (he has only twice for a couple of days) we are trying to gauge if this is a good area for his plan. He has two kids (low teens) but it would likely be another 10 years before he considers moving, unless something drastic changes up north. Any input as to the neighborhood, possible rental amounts (for this 3/2 with pool and 2100 sq. ft home that is dated but clean) and good repair/handyman would be helpful.

[SoFLGal]

Originally Posted by Nypafl4u

My friend just got an accepted offer on a canal house on Sinclair St. He plans to move down from NY with his family eventually when he retires as he loves to sail. Until then he plans to rent the house out to help offset his costs. As I am helping him, without ever actually seeing this area myself (he has only twice for a couple of days) we are trying to gauge if this is a good area for his plan. He has two kids (low teens) but it would likely be another 10 years before he considers moving, unless something drastic changes up north. Any input as to the neighborhood, possible rental amounts (for this 3/2 with pool and 2100 sq. ft home that is dated but clean) and good repair/handyman would be helpful.

Sinclair was badly hit by hurricane Charley. Both sides of Sinclair SW & SE both have excellent access to open water. It's probably less than 5 minutes out and no bridges. Many of the homes are being knocked down to make way for larger, newer homes. Most of the homes were built in the mid 70's and 80's and in general they're selling in the mid $200's. It's only a few streets from Charlotte Beach Park (that's at the end of Harbor) and just to the south of this area is Grassy Point, a big, fancy, gated waterfront development.

My company doesn't do rentals so don't hold me to this but I'd say he could probably get $1500-$2k a month, being that close to open water and having a pool. There's a 3/2/1 on Leland, a few streets away, with no pool and I would guess much smaller for rent for $1K/mo.

If he's a sailor this would be a good spot for him.

[Messing About]

That's an excellent area. Although many of the homes can be older, some have been rebuilt. It's a high dollar area for Port Charlotte but due to the proximity to the harbor and the beach complex, it will always be a desired area. Congrats to your friend. I can't accurately speak to the rents there but I'd be surprised if someone were renting a nice house there for under $1,500 on an annual. He could likely turn that into a season weekly rental for several times that, then enjoy several weeks a year here themselves....or for you!

[Nypafl4u]

Thanks SoFlGal and Messing About (love your blog site by the way, learning about fishing and boating, two things I don't do...yet ). From what I have researched and the comps we looked up, I believe it's going to be good fit. He does love to sail and always wanted a backyard dock for a boat. I had brought him over to the east coast were I have several investment properties and decided that is where my family wants to end up eventually. But the sailing brought him out west and he immediately fell in love with the deeper water canals and the chance to do some serious sailing should the urge come. His kids will likely be in college or past that by the time he gets down there, so schools should't be an issue. I think for the price, he made out well.

Modernizing when he eventually moves down there to his standards is the plan. But for now, I am sure he will need fresh paint, some flooring, maybe plumbing (likely) and some electrical and pool work for the near term. So that's where the recommendations are needed.

I look forward to finally visiting this area, especially after reading so much in this forum and hearing first hand from my friend 's two trips in the past two months. Who knows, this eastern loving man (Cocoa Beach waves) may be swayed westward if I can drag my butt down there. With this new house, I have a feeling it will be sooner than later.

[HarborRat]

In my opinion, you can't find a better location in PC for an investment property than that area. Especially the old houses. Great choice...and I miss my sailboat so if you need a hand......

[TamRE]

Sinclair is also very close to the Port Charlotte Beach Complex which makes it more desirable for kids and families. There shouldn't be any problem renting it out as long as it is in decent shape. So, if it needs work, that would need to be done first. He can look in the local newspaper under the Business and Service Directory for different services for work on the home. Another resource is the Charlotte DeSoto Business Industry Association. Use their directory for a list of services - Charlotte Desoto Building Industry Association - CDBIA

Port Charlotte Beach link - Port Charlotte Beach Park

[Nypafl4u]

Thanks TamRE. I will this info on to him.
I did notice that many of the rentals we have seen advertised are for seasonal use. He was thinking more of a yearly full time lease as he would not be done here too much for now. I wonder if he should rethink hs strategy?

[Nypafl4u]

Originally Posted by HarborRat

In my opinion, you can't find a better location in PC for an investment property than that area. Especially the old houses. Great choice...and I miss my sailboat so if you need a hand......

When he eventually gets down here with a boat, you may get that call. Just might not be for another ten years or so.

[TamRE]

Originally Posted by Nypafl4u

Thanks TamRE. I will this info on to him.
I did notice that many of the rentals we have seen advertised are for seasonal use. He was thinking more of a yearly full time lease as he would not be done here too much for now. I wonder if he should rethink hs strategy?

An annual rental would be better for him, then he would have less vacancy rate and less turn around. There are companies in the area that will handle the rental and property management for him for a fee, which is better if he is not here to able to do it himself.

[Nypafl4u]

I agree and it's the only way I rent out over on the east coast.