Pensacola...considering an investment property. Prop mgmt? (Captiva: appointed, renters)

[Mom2Feebs]

Hi everyone,

On our way down to Captiva this summer for vacation, we stopped in Pensacola. I've been to S. FL my whole life, and passed P'cola a hundred times, and never stopped. So, this was a first for me. Well, hubby and I loved it. What we really love is that it is only a 9 hour drive from our home here in TX (we have two small kiddos). We have decided to check out property in the area.

I've been looking into the East Hill neighborhood and have falled in love with a bungalow that is so well-priced we are almost able to pay cash for it (though not quite, LOL). Because we would want to be able to rent it to snowbirds and/or beach lovers as a private cottage when we aren't there (if that's even an option--some neighborhoods are funny about that), we would need some sort of caretaker or prop management company. The problem is, I have no idea how much that would cost us. We'd need someone to prepare the place for renters and add the personal touches we would offer; and someone to maintain the yard and garden.

Does anyone have any recommendations or can anyone offer advice on this process? We are complete newbies to this type of investment but we feel like this could pay off well for us in 10+ years.

I noticed there was no panhandle section to the site so I am posting this here.

Thanks in advance!

[AustinTraveler]

I can't imagine very many people would want to rent a cottage in Pensacola if they want to enjoy the beach. There are tons of condos for rent on the island and that's where people want to stay. Also, I don't think your neighbors would be very happy about a short-term rental in their neighborhood. East Hill is an established neighborhood, not a vacation-rental sort of place.

[Mom2Feebs]

Originally Posted by AustinTraveler

I can't imagine very many people would want to rent a cottage in Pensacola if they want to enjoy the beach. There are tons of condos for rent on the island and that's where people want to stay. Also, I don't think your neighbors would be very happy about a short-term rental in their neighborhood. East Hill is an established neighborhood, not a vacation-rental sort of place.

Well, you sort of contradict yourself there. First, you said anyone interested in the beach wouldn't want to rent a cottage in Pensacola. So then, we don't have to worry about the neighbors now, do we?

If I may present a different view: There are beautiful beach houses all over Galveston's West End. They are definitely the most popular for summer rentals. However, the East End Historic District and the Silk Stocking District are dotted with single-family cottages and bungalows that are gaining in popularity as alternatives to expensive beach-front rentals that often are booked very early. Most offer people a different perspective on Galveston, are of a historical nature (80-120 yrs old), and are usually laid back and comfortable. Not for the party-set; more for those appreciating a beautiful area, quiet, close to shops and dining, but within driving or bike-riding range of the beaches.

I'm not talking about a boarding house or weekly throughout-the-summer rentals...I'm thinking of something a little more upscale and limited. I doubt with what I envision the neighbors would even bat so much as an eyelash. In fact, I can even see something like what I want to do as the beginning of a trend, which could be the start of rising property values. Is that a bad thing? I don't think so, but I've been able to see the benefits of this. It all depends on with whom you speak.

But really, this wasn't about whether the neighbors would like it or whether people visiting Pensacola would prefer to stay on the beach or not (and let's face it, it would certainly show Pensacola in a different light...that there are OTHER things to do there--an image the panhandle could use right about now). I just wanted some advice on where to go for property management and the cost...but I do appreciate opinions on the subject, as I certainly would not want to upset the apple cart (mmm....maybe just tip it a little.).

When did you move to Pensacola, Austin T? I didn't know you were in FL. Are you from P'cola?

[beachmouse]

Before you get too far in the process, you need to check with the city to see if short term rentals are allowed in that area. I wouldn't be surprised if there were old anti-boarding house rules on the books that would still be enforced if anyone complained.

[Mom2Feebs]

Originally Posted by beachmouse

Before you get too far in the process, you need to check with the city to see if short term rentals are allowed in that area. I wouldn't be surprised if there were old anti-boarding house rules on the books that would still be enforced if anyone complained.

Thanks beachmouse. We're definitely on that. Hubby is awaiting word from the East Hill Neighborhood Association.

Edited to add links:

Just wanted to add a couple of interesting VRBO listings. The reviews are key. I particularly like what one couple said about their stay in a sweet little 2 bedroom bungalow in North Hill:

We felt most fortunate to come upon this charming bungalow while looking for a rental in Pensacola. This house is very spacious, not what one might suspect from the exterior photo. The renovation had been done most tastefully. Lovely furnishings through out the house. It was well decorated and appointed with all you would ever need. Just like being at home, but so much better to be in FL. and to experience a new environment. We loved the area. It is located in an historic district with homes of every conceivable architectural style. Wonderful to walk around and view these historical properties. Also, a visit to the park, at the end of the street, makes for a relaxing time. Downtown is but a short drive or walk. We attended a performance at the renovated Saenger Theatre. The owner was very helpful making suggestions for dining & a great food market. Of course with an eat in kitchen and large dining room you don't really have to go out to dine. Her recommendations and willingness to get additional information for us was greatly appreciated. We did go to a marvelous restaurant for Thanksgiving but it was certainly not necessary. Everything you could want or need for a lovely table setting & festive ambience is available to you at De Soto Street. You are not far from the water as well. There is something here to do for everyone of all ages and interest. Go as much as you like or just kick back and relax. We hope to return for another visit and would sincerely recommended this property to anyone visiting the Pensacola area. What a delight!

They're out there. It's a market that seems to just barely be tapped in P'cola.

Pensacola Vacation Rental - VRBO 183441 - 2 BR Florida Main North West House in FL, Pensacola's Historic North Hill Preservation District (http://www.vrbo.com/183441#comments - broken link)

Love this loft downtown: Pensacola Vacation Rental - VRBO 257767 - 1 BR Florida Main North West Downtown Loft in FL, Loft in Historic Downtown Pensacola, as Seen on HGTV (http://www.vrbo.com/257767 - broken link)