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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 12-19-2012, 11:22 AM
 
2 posts, read 2,654 times
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We are looking into buying a typical 3 br 2 ba house in the PSL area, under 100K w/ no HOA, as a place that my parents, when they retire, can move into a few years from now. In the meantime, we would want to try and rent it. Our question is, are there too many rental houses on the market at prices of $800-1200 a month that would make it difficult to find consistent renters?
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Old 12-19-2012, 11:29 AM
 
Location: Venice, FL
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I don't think you'll have any difficulty renting the house. I would charge at least $1200/mo and screen your renters thoroughly. It's always a gamble, but with proper research on a person, you'll get a good idea what kind of renter they are.

Whatever you do, make sure you have a strong rental contract!!
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Old 12-19-2012, 08:48 PM
 
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Go keep an eye on craigslist for a general idea of availability and median rents. Its a great place to comparison shop. Getting it rented out easily will depend on its location to whatever the tenant needs to get to. If its closer to I95 or the tpke, you'll have an easier time getting it rented to a palm beach county commuter for example. $1200 is probably the higher end rental price for something in that area, for something very very nice in PSL. I have seen the low end, for properties similar to mine (tiny 2/2 old house), go for more like $700 - $900. Lower prices can be indicative of a difficulty in getting a quality tenant. (good job, decent credit, can pay FLS right off the bat). Your biggest risk will be, even after thorough screening, a tenant that totally destroys the home. This has happened to me at varying levels. The last one took me 3 months and $3000 to fix. You have to be ready for a non-paying tenant, for eviction costs, for 4-6 months of paying the mortgage if the place was made unlivable and needs repair, it can take 2-3 months to evict a tenant who knows the system and you don't.

Anyway, its not so much getting it rented, its getting the good tenant, THOSE are much harder to find. And then you'll be kicking them out in 3 years if they wanted to stay there and make it a home. Something to consider.
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Old 12-20-2012, 08:27 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,199,806 times
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There are home available for rent in the price range you are looking and always people who need to rent in that price range.

Finding a home under $100,000 that does not need some kind of work may be more difficult but they are available. You just have to jump fast when one comes on board and not take the time to think about it for a week and then come back to find it gone.

With interest rates so low -under 4% - and investors buying up homes to rehab and resell at a higher price or rent out...you need to concentrate on what you want.

Message me if I can help you.

by the way.. I use an 8 page, attorney written, contract. I also do screening for sexual offenders, civil cases, evictions, etc., and cover the entire United States and not just Florida, in addition to credit check.
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Old 12-20-2012, 09:43 AM
 
Location: Marietta, GA
857 posts, read 4,878,853 times
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Quote:
Originally Posted by wireyourworld View Post
Go keep an eye on craigslist for a general idea of availability and median rents. Its a great place to comparison shop. Getting it rented out easily will depend on its location to whatever the tenant needs to get to. If its closer to I95 or the tpke, you'll have an easier time getting it rented to a palm beach county commuter for example. $1200 is probably the higher end rental price for something in that area, for something very very nice in PSL. I have seen the low end, for properties similar to mine (tiny 2/2 old house), go for more like $700 - $900. Lower prices can be indicative of a difficulty in getting a quality tenant. (good job, decent credit, can pay FLS right off the bat). Your biggest risk will be, even after thorough screening, a tenant that totally destroys the home. This has happened to me at varying levels. The last one took me 3 months and $3000 to fix. You have to be ready for a non-paying tenant, for eviction costs, for 4-6 months of paying the mortgage if the place was made unlivable and needs repair, it can take 2-3 months to evict a tenant who knows the system and you don't.

Anyway, its not so much getting it rented, its getting the good tenant, THOSE are much harder to find. And then you'll be kicking them out in 3 years if they wanted to stay there and make it a home. Something to consider.
All good advice. I am planning on moving to the PSL vicinity this year, as soon as I sell my 10 rental houses here. You can find really good tenants on Craigslist, or really bad ones. Sometimes there is no telling which they are until the move in. I have had people with good credit who turned out to be slobs, and people with lousy credit who kept their house immaculate.
My suggestion is that you don't do much work on the house before renting it because, chances are, you will have to do it again before your parents move in.
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Old 12-20-2012, 12:02 PM
 
2 posts, read 2,654 times
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Thank you for all the responses. There does seem to be a fairly large number of home rentals available. However, it's more difficult to tell if there is alot of demand without actually being there to get a feel for it, or hearing from first hand experiences. After browsing through the forum, you could see where there have been some ups and downs in the market(like the Digital Domain incident) which has us thinking twice about the potential.
Our other concern is that we live about an hour away from there and it would potentially be difficult to manage if we had a problematic house or bad renters. Does anyone have an idea of how many residents of PSL commute long distances to somewhere like WPB?
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Old 12-21-2012, 02:23 PM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,199,806 times
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LOTS of owners do not live here or even close. I have owners in South America who I rent their homes out for. Lots of tenants drive to and from WPB or further to work. An hour away is nothing since having something fixed is usually a phone call away. Also, get a service contract on the appliances.

Digital Domain was around 300 people and not the bulk of the rental market by any means. It hurt, but it didnt stop it.
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