Need for rentals? (Cape Coral, Punta Gorda, Pine Manor: real estate, foreclosures, mortgages)

[dualie]

I have been researching areas in southern FL to purchase an investment property to rent out.

For those who live in the CC/FM area (and for any RE agents here that work with rentals) , is there a need for decent rentals at decent prices? Or are there already plenty on the market.

What I would be looking at would be a 3 bed/2 bath, maybe on water, maybe not.

Figure the best folks to ask, are those truly familiar with the area.
Thanks for any input you can give.
dualie

[CCRESI]

Annual rental or Vacation rental?

[dualie]

Thinking more on the annual rental side. There are plenty of vacation rentals, and I have a feeling there are less family, long term rentals?

With folks not being able to get mortgages........ it would appear that they still need a place to live.
Dualie

[Kim in FL]

They do. But, what do you mean by 'decent'? There are ppl who think Pine Manor is decent ::::shuddering at the thought::::

[CCRESI]

Yes, there is less annual rentals vs. vacation rentals.

Currently in all of Cape Coral there are 210 annual rentals in our mls. This does not include rentals by owner.

The median rental price for a 3/2 1500 sqft is $1000/mth and is on the market an average of 27 days.

Median Pool: 3/2 1770 sqft $1350/mth and on market for 36 days.

Median Pool and Gulf Access: 3/2 1771 sqft $1925 and on market for 39 days.
I hope this helps!

[dualie]

thanks CC REI, just the info I needed.

As a possible investor, it's hard to know what "decent" is without the info given.
Having a range of units available is great information!
Thanks

[Kim in FL]

Originally Posted by dualie

thanks CC REI, just the info I needed.

As a possible investor, it's hard to know what "decent" is without the info given.
Having a range of units available is great information!
Thanks

If you're really looking to be a landlord down here, I suggest you come and visit for awhile. Get a feel for the place, drive around, talk to ppl, find out the good, bad and ugly...there's alot of each. LOL

[CCRESI]

Originally Posted by dualie

thanks CC REI, just the info I needed.

As a possible investor, it's hard to know what "decent" is without the info given.
Having a range of units available is great information!
Thanks

You are very welcome.

[equalrightsforeveryone]

Be very careful where you buy around here. there are a lot of fees and costs for the owners of rental property. Make sure you check it out good so there are no surprises, ROI is not that good around here specially with prices dropping and foreclosures picking up again.
There are a lot of properties in the foreclosure process and they look really ratty, Take great care to check everything and I mean everything, because you can not trust the information you get from real estate agents around here.

[dualie]

be assured I am in no hurry and will be taking my time. Spent some time in the area a few years back and am in fact heading down there in a couple of weeks to be a Snowbird! Can't stand the cold,, snow, ice etc.

Will be looking between Ft Myers area and Punta Gorda.... including Pine Island and Matlacha. I know that's a whole lotta ground and houses.

For the realtors on here, are there areas you get more call for, rental wise? Is there more need in certain areas then others? Families, singles or retired?

I've read that the rental need is way up, but it's hard to know if that is marketing or the real deal.

This board has a wealth of info and some very informed members. it's a great go-to and I've learned a lot about your area by reading as much as I can.

2 wks and counting..............sunshine here I come!