century village..good deal to buy or not (Homestead: low income, for sale)

[jeffc123]

i went to century village in pembroke pines and i did like the community.

it says that i can rent once a year. i m looking to buy it as an investment. i saw some 2 bed room 2 bath for abt 75k in there.

its a 55+ community.

Things i worry:

will i get enough renters as i see very less 55+ people who will rent as they already stable stage in life.

once i rent them i need them to stay for year and not break contract and just leave in middle because than i cannot rent for another few months.

thinks which are advantage

i see this people as more stable and not just paying rent or destroying my property
no parties or too many people so property remains in good condition.

location looks perfect to me as its near to miami and all working areas. i m looking at it as young people who work in miami area may rent this property for there parents.

is it advantage to take 1 bedroom or 2 bedroom in this case?

[City Guy997S]

Why would you want to be an out of state landlord for a $700-900 a month apartment? What would be the upside? CV is low income retirement living, HOA hassle is legendary and it is an old complex (meaning building assessments are very possible).

[Mr. Lee]

There seems to be a number of them renting from $1000 and up listed HERE, I am not sure I would ever wish to be an out of state landlord and then the fact you would not get homestead on that property would mean increases in property taxes yearly to whatever the govt wishes to raise them to, and then the monthly condo fees can go up as well.

If you look at those for sale, monthly fees seem to be somewhere around .40 per square foot making them $400 to over $500 a month, add that to your taxes of around $1500 a year ($125 a month) to start with and then add insurance, and of course all those rates probably going up yearly, and then think if you still think it would be worth it.

If you planned to move down later on to use it yourself, or to use it for yearly vacations and of course can afford the upkeep, then that would be a good reason to buy but being a landlord in Florida can be a pain if you happen to get a bad tenant and since a good part of Florida is transient, odds can be good for that to happen.

You should know that, under eviction law, your landlord cannot simply kick you out of your apartment or other space that you're renting, even if you are behind on rent. In almost all situations, a landlord must obtain a court judgment before evicting a tenant. - See more

[Mr. Lee]

One correction on my post above, the county can raise the taxes on a non Homestead exempt unit up to 10% a year after reassessment which comes the following year after the purchase and only up to 3% a year on Homestead units once assessed, those numbers exclude school board assessments.

[dive77mmwet]

don't plan to rent as to many rentals now! especially who would want to rent in CV??