Cape Coral makes #2 on the list of up and coming cities... (Port Charlotte: 2013, rentals)

[SellingNWCape]

https://www.neighbor.com/storage-blo...es-in-america/

We're movin' on up.....

2. Cape Coral, FL
Diversity Score: 47/100

Well-Being Improvement: 149th in 2013 to 6th in 2018

Change in Unemployment: +2.9%

Population Growth: +24.2%

Housing Permit Growth: +27%

Housing Per Capita: 0.5 homes per resident

The Gulf city of Cape Coral, FL, has a lot to offer those who might want to call it home in the future.

What landed it solidly in the No. 2 spot in our rankings was the fact that its spot on the Well-Being Index increased 143 places, to land it in the top 10 cities for well-being in 2018.

In addition to that, Cape Coral is growing. It saw nearly a 25% population increase in the last decade, but new housing construction is keeping pace, with a 27% increase in permits filed in the last year, which should help ensure that housing in the city stays affordable.

In addition to warm and sunny weather almost year-round, Cape Coral is known for its beaches, canals, golf courses, and family entertainment.

[chiluvr1228]

This could be a much more attractive city with the addition of sidewalks & more trees, especially in the medians. I always get the impression of an army barracks when I drive through town except for the area around Cape Harbour. Estero has done a great job with their aesthetics.

[bloodynri]

Hello,
I'm looking to invest in new constructions (build to rent homes) in Cape Coral via a turnkey provider. The two models are 4bd/3ba (no canal access) and a 4bd/2ba with canal access. Both would be in the 33993 zip code which is northwest Cape Coral by the new Seven Islands development. I will most likely buy 2 properties. The canal access ones are about 14k more expensive. Do you recommend I just buy 2 with canal access as those may be more desirable or 1 of each because a 3rd bathroom might be important to some? I am yet to do lot selection. Any tips on selecting a lot? Also, should I buy 1 in CC and another in a different area like Port Charlotte? I'm from the Midwest so I don't know this area too well and any help/thoughts/criticism is appreciated. Thank you!

[SellingNWCape]

Are the properties truly near the Seven Islands development area or just claiming to be? W are getting ready to sell our home so I've been watching the listings in the area over the past few months and I see a lot of agents feeding people a lot of garbage in their listings at times, claiming to be closer to things than they really are, telling people they can bring their boats and toys (to areas where they can't freely park or use them as the listing would suggest), etc. The 33993 zip code actually covers a large portion of NW Cape, not just that area closest to Matlacha which also shares the 33993 zip code and the Pine Island Rd area near the Seven Islands. What kind of cost to you and rents to others are you looking at? Because different areas of town are going to fetch different prices based on a number of factors. Do these canals have Gulf access or are they freshwater canals that don't really go anywhere that are good for kayaking but not boating?

As for actual cities, I think it's probably easier to do multiple rentals out of one city because it's easier to hire out work and property management stuff to one set versus two, if that makes sense. If you decide to do both cities, I would suggest getting agents in both cities as they are two totally different areas in separate counties. While agents are able to do business in any city in the state, they might not be as familiar with one place as they are with the other.

[nhkev]

Originally Posted by SellingNWCape

https://www.neighbor.com/storage-blo...es-in-america/

We're movin' on up.....

2. Cape Coral, FL
Diversity Score: 47/100

Well-Being Improvement: 149th in 2013 to 6th in 2018

Change in Unemployment: +2.9%

Population Growth: +24.2%

Housing Permit Growth: +27%

Housing Per Capita: 0.5 homes per resident

The Gulf city of Cape Coral, FL, has a lot to offer those who might want to call it home in the future.

What landed it solidly in the No. 2 spot in our rankings was the fact that its spot on the Well-Being Index increased 143 places, to land it in the top 10 cities for well-being in 2018.

In addition to that, Cape Coral is growing. It saw nearly a 25% population increase in the last decade, but new housing construction is keeping pace, with a 27% increase in permits filed in the last year, which should help ensure that housing in the city stays affordable.

In addition to warm and sunny weather almost year-round, Cape Coral is known for its beaches, canals, golf courses, and family entertainment.

I can't believe how busy the area is lately. Went to Cabbage key for lunch they said it was the busiest weekend they have ever had in it's history. all restaurants were over an hour wait. Matlacha is a traffic jam almost every day of the week. Area still has a lot of potential . I hope they do the development right.

[SellingNWCape]

Originally Posted by nhkev

I can't believe how busy the area is lately. Went to Cabbage key for lunch they said it was the busiest weekend they have ever had in it's history. all restaurants were over an hour wait. Matlacha is a traffic jam almost every day of the week. Area still has a lot of potential . I hope they do the development right.

Agree. Way more than the typical and seasonal traffic as of late. People in the other forums believe it will die down again after Easter but I don't think it will, at least not like in previous years, as these don't seem to be the standard snowbirds. Far more US than Canadian plates in the area. And, as you mentioned, Matlacha traffic. I don't think I've ever seen cars backed so far down on Veteran's before waiting to turn to go there. And it's a regular, daily thing now. Not just weekends. The boat ramp off Burnt Store always seems to be busier now, too.

[bloodynri]

Originally Posted by SellingNWCape

Are the properties truly near the Seven Islands development area or just claiming to be? W are getting ready to sell our home so I've been watching the listings in the area over the past few months and I see a lot of agents feeding people a lot of garbage in their listings at times, claiming to be closer to things than they really are, telling people they can bring their boats and toys (to areas where they can't freely park or use them as the listing would suggest), etc. The 33993 zip code actually covers a large portion of NW Cape, not just that area closest to Matlacha which also shares the 33993 zip code and the Pine Island Rd area near the Seven Islands. What kind of cost to you and rents to others are you looking at? Because different areas of town are going to fetch different prices based on a number of factors. Do these canals have Gulf access or are they freshwater canals that don't really go anywhere that are good for kayaking but not boating?

As for actual cities, I think it's probably easier to do multiple rentals out of one city because it's easier to hire out work and property management stuff to one set versus two, if that makes sense. If you decide to do both cities, I would suggest getting agents in both cities as they are two totally different areas in separate counties. While agents are able to do business in any city in the state, they might not be as familiar with one place as they are with the other.

I'm still waiting on lender pre-approval which is taking forever because they're backed up. Lot selection will happen only after pre-approval. The price point for these new constructions (build to rent) are 240-260k. Cheaper if it's not on a canal. I don't know yet if the canals are gulf access or freshwater. My guess, at this price point, it'll be freshwater which I see you guys are advising against? The pro-forma rent provided by the turnkey provider is $1900/month but I'd say realistically, it would be closer to $1700/month.

Also, I don't know too much about these utility expansion assessments. Is the total cost of this special assessment 20-30k billed annually to your property tax bill? I don't think the pro-forma included these expenses.

[SellingNWCape]

Are you at liberty to mention who this company is, either publicly or directly to me via DM? I don't know what other people reading this think about this set-up, but it seems to me that you're kind of getting a raw deal as you could make more money in rent on your own and then just finding a property management company, especially for new construction. You have to take into consideration that a number of property owners scooped up properties in the early 2010s at a fraction of what you will be paying now and those older properties now can easily rent for that $1700-$1900/mo and more in a lot of cases, especially seasonally or on AirBnB, and that money is pure profit for them now. We ask about the location and canals because that affects desirability for a lot of people and thus people are willing to pay a premium to buy or rent there. From what you're describing, it seems like this company is just using other people's money to finance their operation/agenda and taking the property "owners" along for the ride. Just my opinion.

[bloodynri]

Originally Posted by SellingNWCape

Are you at liberty to mention who this company is, either publicly or directly to me via DM? I don't know what other people reading this think about this set-up, but it seems to me that you're kind of getting a raw deal as you could make more money in rent on your own and then just finding a property management company, especially for new construction. You have to take into consideration that a number of property owners scooped up properties in the early 2010s at a fraction of what you will be paying now and those older properties now can easily rent for that $1700-$1900/mo and more in a lot of cases, especially seasonally or on AirBnB, and that money is pure profit for them now. We ask about the location and canals because that affects desirability for a lot of people and thus people are willing to pay a premium to buy or rent there. From what you're describing, it seems like this company is just using other people's money to finance their operation/agenda and taking the property "owners" along for the ride. Just my opinion.

It's called RentToRetirement and they're a turnkey provider. Their proforma sheets are found here:
https://docs.google.com/document/u/0...f4/mobilebasic

[SellingNWCape]

Thanks. I would tread carefully and do your due diligence on any properties/lots before pulling the trigger on anything. And check out things like https://www.reddit.com/r/realestateinvesting/comments/i4r90q/is_rent_to_retirement_legitimate/ to see what other people have said about it.

Also, to answer your earlier question about the UEP assessments - I would be very surprised if that was built into what you're paying as the city can't really levy an assessment for city water/sewer for areas they have not gotten to yet and might not for several years. Once you know the addresses of the lots, check them on https://www.capecoral.net/uep/find_y...nsion_area.php. When the time comes for the area's UEP, property owners have the option to pay it outright (they consider it pre-pay) or over time via property tax bill (financed). Pre-pay is cheaper than financed for those who can swing it. More info about it here: FAQs.

Also, for the canal lots, I would be sure to inquire about what their seawall plan is because that also affects value.