Looking to Build a Duplex for our first rental property, any tips/advice helps!

[Marc Gabriel Pangilinan]

Hello,

My Wife and I are Military and we are thinking of getting out soon (2025).  

We are moving from Utah to Florida where her family is, specifically Cape Coral, Florida. We are looking into the market for a duplex to "house-

hack" for our first property but the prices for a Multi-Family in the area is really high for a not so nice duplex.

At the moment, we are looking into building a duplex and we are wanting to use my VA Loan (Construction) if possible. 

What we are currently doing:

• SAVING, when we get out we will have $50K+ in savings for any cost that follows.

• RESEARCHING, Looking into Land to build on and what to look for, and the processes.

What more can we do?

Should we go for construction in this specific area?  We have been looking into it and this is a very nice area that has seen substantial amount of appreciation.

Would it be cheaper to build? In this area and at this moment?

Any advice would be greatly appreciated! Thank you:)

[Jason Demers]

@Marc Gabriel Pangilinan Builder here in SWFL and build a lot of duplexes in Lehigh Acres and in Punta Gorda. The problem with multifamily in Cape Coral and Fort Myers is finding the land with the correct zoning, if you do find it will be costly. Right now I am between $155-$170 per SQFT for duplexes depending on level of finish, this does not include land, permit, impact fees or fill dirt. Duplex @ 2400 sqft 6Bed, 4Bath, 2-Single car garage. (3/2/1 - 1200sqft, per side) 

EX. $385k Build, $18k Permit/Impact fee, $25k Land, $10k-30k Fill Depending on Elevation of lot.

All in you will be somewhere around $450k, this example is based on Lehigh Acres. We just finished one exactly as described above for an investor and it sold for $545k, So there is equity but the build time is 10-12 months after permit issuance. In Fort Myers they allow ADU's to be built on single family lots so you may want to consider that for house hacking. There are some stipulations and affidavits to sign but can easily be done.

Hope this helps! Any questions reach out, happy to help