Has my small 2 bedroom home really dropped in value? (Fort Myers: cul-de-sac, real estate)

[ColoGuy]

Tired of managing rentals from 2000 miles away. Selling both homes in Ft Myers. A tenant is asking "how much?"

Was planning on fixing it up first. It has been a rental for six years and is looking rough as a result.

Trying to get values off the internet is dicey of course. Old neighborhood (Tice). Two bedroom, one bath. City water. Nice lot at end of cul-de-sac. Built in 1957. 600 square feet.

[Marc Middleton]

Originally Posted by ColoGuy

Tired of managing rentals from 2000 miles away. Selling both homes in Ft Myers. A tenant is asking "how much?"

Was planning on fixing it up first. It has been a rental for six years and is looking rough as a result.

Trying to get values off the internet is dicey of course. Old neighborhood (Tice). Two bedroom, one bath. City water. Nice lot at end of cul-de-sac. Built in 1957. 600 square feet.

both homes are in the same general area?

[chiluvr1228]

Originally Posted by ColoGuy

Tired of managing rentals from 2000 miles away. Selling both homes in Ft Myers. A tenant is asking "how much?"

Was planning on fixing it up first. It has been a rental for six years and is looking rough as a result.

Trying to get values off the internet is dicey of course. Old neighborhood (Tice). Two bedroom, one bath. City water. Nice lot at end of cul-de-sac. Built in 1957. 600 square feet.

Why is it looking rough? Don't you have a management company? That area has become less desirable every year. Try Zillow or get a realtor to give you an idea of what the home is worth.

[Kim in FL]

Originally Posted by chiluvr1228

Why is it looking rough? Don't you have a management company? That area has become less desirable every year. Try Zillow or get a realtor to give you an idea of what the home is worth.

It’s in Tice.... not a nice area and not one that attracts top notch tenants/residents That area has been a crappy area for years and years.

[ColoGuy]

Originally Posted by Marc Middleton

both homes are in the same general area?

The other is in Lehigh Acres, built in 1977. Good neighborhood but off the beaten track which many renters see as a negative. There is a third, built in 2007, but the tenant is good. I doubt I'd ever sell a home with a good tenant.

My property manager quit in June for a variety of reasons. The greatest being the "worlds worst tenant" in Lehigh Acres. Hasn't paid a dime in 10 months and says they are suing everybody. Professional deadbeats with a history of being evicted. Unbelievable how such people can use and abuse the system. They were having custom furniture delivered when I was there last. They get paid for living there and he managed to get on disability after telling us he could fix the roof. Never lifted a finger on the roof of course.


I seen an online real estate appraisal claiming the small home that this thread is about has dropped in value from ~$60,000 to ~$45,000. Wondering what is going on.

Difficult to collect rent without a property manager unless a tenant is good. He wants someone to "clean the house." At this point, I prefer to fix it back up and sell it. Very hard to make money unless one can do much of the labor. Helps to avoid management fees of course. Which have gone up a lot according to my latest foray.

[LifeIsGood01]

Originally Posted by ColoGuy

Tired of managing rentals from 2000 miles away. Selling both homes in Ft Myers. A tenant is asking "how much?"

Was planning on fixing it up first. It has been a rental for six years and is looking rough as a result.

Trying to get values off the internet is dicey of course. Old neighborhood (Tice). Two bedroom, one bath. City water. Nice lot at end of cul-de-sac. Built in 1957. 600 square feet.

No they have not. I mean maybe a slight decrease since prices have gone up so high.

A home like that if it can get FHA finance should fetch $75K late 2015 it would have been going for about $40K.

I bought a small 3/1 in early 2016 and I got in just before prices went crazy and my home has doubled in price in 2 years.

Starter homes are all people can afford and they are going fast.

ask a realtor to give you an estimate.

Someone can get a mortgage and pay about $600 or less a month including taxes and insurance.

Just check Realtor.com there is nothing or almost nothing in stand alone homes that are selling for less than $100K, if there are any they go instantly pending. I think investors would be interested too as rents are rising.

Redfin has higher values than other sites, I think they must uses a per foot price in the area in their algorithm.

[LifeIsGood01]

Originally Posted by ColoGuy

The other is in Lehigh Acres, built in 1977. Good neighborhood but off the beaten track which many renters see as a negative. There is a third, built in 2007, but the tenant is good. I doubt I'd ever sell a home with a good tenant.

My property manager quit in June for a variety of reasons. The greatest being the "worlds worst tenant" in Lehigh Acres. Hasn't paid a dime in 10 months and says they are suing everybody. Professional deadbeats with a history of being evicted. Unbelievable how such people can use and abuse the system. They were having custom furniture delivered when I was there last. They get paid for living there and he managed to get on disability after telling us he could fix the roof. Never lifted a finger on the roof of course.


I seen an online real estate appraisal claiming the small home that this thread is about has dropped in value from ~$60,000 to ~$45,000. Wondering what is going on.

Difficult to collect rent without a property manager unless a tenant is good. He wants someone to "clean the house." At this point, I prefer to fix it back up and sell it. Very hard to make money unless one can do much of the labor. Helps to avoid management fees of course. Which have gone up a lot according to my latest foray.

Never rent without getting a great background check nationwide and making sure than the people renting have never been evicted, have no criminal record and have good credit.

[LifeIsGood01]

https://www.realtor.com/realestatean...-08310?view=qv

Here is a 2/1 in North Fort Myers. under 600 sq ft and they are asking $110K.

[chiluvr1228]

Originally Posted by LifeIsGood01

No they have not. I mean maybe a slight decrease since prices have gone up so high.

A home like that if it can get FHA finance should fetch $75K late 2015 it would have been going for about $40K.

Starter homes are all people can afford and they are going fast.

Someone can get a mortgage and pay about $600 or less a month including taxes and insurance.

Just check Realtor.com there is nothing or almost nothing in stand alone homes that are selling for less than $100K, if there are any they go instantly pending. I think investors would be interested too as rents are rising.

IMO what I bolded is part of the problem for young people trying to buy their first house. The investors get to them first, slap a little cosmetic work on them and then rent them out for over $1000 a month. Many of them pay cash and what buyer wouldn't want to sell quickly for cash?

[LifeIsGood01]

Originally Posted by chiluvr1228

IMO what I bolded is part of the problem for young people trying to buy their first house. The investors get to them first, slap a little cosmetic work on them and then rent them out for over $1000 a month. Many of them pay cash and what buyer wouldn't want to sell quickly for cash?

It's not as bad anymore with prices going up. When small homes were still going for $50K it was a problem but now that they are costing closer to $100K and up it's not worth it for them to rent them for $1K a month or less.