Building a duplex questions (Sarasota, Port Charlotte: real estate market, rentals, insurance)

[cbm369]

Hi all,

Looking for some input advice on the possibility of having a duplex built in/around NP - PC area.

A bit of background info first. The wife and I are looking to relocate from SC to the gulf coast. Over the past several years, we have been vacationing in different areas throughout Florida. East Coast, West Coast, Keys, etc... We both love the Gulf side most and seem to like the areas from Sarasota down to Sanibel the most. We like Englewood best, as it's kinda the middle ground for that area.

One of the ideas I'm toying with right now is possibly having a modest duplex built, (2 or 3 br, per side) and living in one side for a few years while renting out the other side. Eventually (3-5 yrs later), we want to build our "dream home" on the water, with gulf access (without a 45 min boat ride).

Some of the land I've been looking at online in these areas are zone X.

I'm wondering what kind of $/sq ft costs this kind of project may run?

What do rentals in this area run?
Could this make a profit, accounting for higher taxes/insurance, etc...(once I move out and both sides are rented)?

Just kind of tossing around a few ideas. Considering land costs that fit what we want for our future "dream home" are pushing $70k and up, just thinking maybe using that kind of $$ towards an income stream and building our home later on.

Thanks for any input,
Charlie

[NotEnufGarage]

Are there lots in Englewood zoned for duplexes?

I’ve been watching the real estate market in Englewood for that last year or so and haven’t noticed any duplexes. There’s probably a reason for that. It’s either that it’s not permitted, it’s not financially workable or it’s just not desirable. I don’t know which, but I’d try to find out first.

[cbm369]

Originally Posted by NotEnufGarage

Are there lots in Englewood zoned for duplexes?

I’ve been watching the real estate market in Englewood for that last year or so and haven’t noticed any duplexes. There’s probably a reason for that. It’s either that it’s not permitted, it’s not financially workable or it’s just not desirable. I don’t know which, but I’d try to find out first.

None that I have seen. The ones zoned RMF that I've been checking out are in the North Port / Port Charlotte areas.

Englewood / Cape Haze area is where we want to eventually live, but considering doing a duplex soon, living in one side and renting out the other for a few years and then building a home in the area we like and then we would have an additional income stream with the duplex.

[Harbor Hopper]

Originally Posted by NotEnufGarage

Are there lots in Englewood zoned for duplexes?

I’ve been watching the real estate market in Englewood for that last year or so and haven’t noticed any duplexes. There’s probably a reason for that. It’s either that it’s not permitted, it’s not financially workable or it’s just not desirable. I don’t know which, but I’d try to find out first.

I've sold 3 duplexes in the past 2 months. And yes, there are lots zoned for multi-family, primarily the first few streets off of and parallel to 776, and many in Rotonda.

[cbm369]

Originally Posted by Harbor Hopper

I've sold 3 duplexes in the past 2 months. And yes, there are lots zoned for multi-family, primarily the first few streets off of and parallel to 776, and many in Rotonda.

Any thoughts on profitability?
any idea on average rents in those areas?

thanks

[Harbor Hopper]

Profitability is 100% dependent on the owner and how they manage their business (and assets). Rents vary. 2br, 900-1,000 sqft, $600-750/mo. 3Br $700-900/mo. These would be annual unfurnished rents, not seasonal.

[cbm369]

Originally Posted by Harbor Hopper

Profitability is 100% dependent on the owner and how they manage their business (and assets). Rents vary. 2br, 900-1,000 sqft, $600-750/mo. 3Br $700-900/mo. These would be annual unfurnished rents, not seasonal.

ok, thanks. That's about what I was thinking, I just wasn't too sure about the going rate for the area.

[TamRE]

There are RMF Zoned (Residential Multi-Family) lots in Englewood. Look on Anita or Pendleton.
Not many lots zoned RMF in North Port. There is one on Granada in Warm Mineral Springs.
Port Charlotte has RMF lots in several different locations.


These are Englewood duplex annual unfurnished rentals that have been leased out, just to give you an idea.
2 bed 2 bath on Pendleton, $850 a month, 856 sq ft.
2 bed 1 bath on Tacoma rents for $875 a month, 742 sq ft.
2 bed 1 bath recently updated on Tacoma rents for $950 a month, 742 sq ft
2 bed 2 bath on Anita rents for $1,000 a month, 880 sq ft
2 bed 2 bath on Pendleton, $1150 a month, 1008 sq ft
2 bed 2 bath on Gulfstream, $1150 a month, 924 sq ft

[cbm369]

Originally Posted by TamRE

There are RMF Zoned (Residential Multi-Family) lots in Englewood. Look on Anita or Pendleton.
Not many lots zoned RMF in North Port. There is one on Granada in Warm Mineral Springs.
Port Charlotte has RMF lots in several different locations.


These are Englewood duplex annual unfurnished rentals that have been leased out, just to give you an idea.
2 bed 2 bath on Pendleton, $850 a month, 856 sq ft.
2 bed 1 bath on Tacoma rents for $875 a month, 742 sq ft.
2 bed 1 bath recently updated on Tacoma rents for $950 a month, 742 sq ft
2 bed 2 bath on Anita rents for $1,000 a month, 880 sq ft
2 bed 2 bath on Pendleton, $1150 a month, 1008 sq ft
2 bed 2 bath on Gulfstream, $1150 a month, 924 sq ft

Thanks for the input. I went online (Zillow) and checked out some of those lots you mentioned (Anita & Pendleton), strangely, they never showed up in my other searches. I normally put in "RMF" as a keyword when searching on Zillow, but those lots didn't show up in previous searches.

All good information. Hoping to get down that way sometime in July/August and maybe take a look at a few lots and talk to some realtors & builders to get a better idea on what I looking at.

[Harbor Hopper]

Originally Posted by cbm369

I went online (Zillow) and checked out some of those lots you mentioned (Anita & Pendleton), strangely, they never showed up in my other searches. I normally put in "RMF" as a keyword when searching on Zillow, but those lots didn't show up in previous searches.

That's the problem. Zillow doesn't know what "RMF" is. Zillow is an advertising site, nothing more. Use the public side of the MLS www.state27homes.com you'll find far better search results