Melbourne Beach waterfront house

[Natalia Comas]

Hello everybody. I am from Miami, living in an apartment and considering buying a house. We would like direct oceanfront house with beach, and the closest place with a house for less than 1 million is Melbourne Beach, at least according to my search.

What do I need to know before I decide to buy a house in Melbourne Beach? Any tips?

How about flooding? 

How is the tourism, renting ability of the place?

Can anybody advise me if there is other places closer to Miami?

Thank you very much for all answers

Natalia

[Kerry Baird]

@Nicole Marshall, thanks for tagging me!

I called the Melbourne Beach municipality before I bought and was told that they do not currently have any restrictions on buying and operating short term rentals. They said they have a love-hate relationship with them 

  Other coastal communities do restrict, such as Indialantic, which is a firm NO, Indian Harbour Beach which is a yes. 

I used AirDNA and subscribed to the locality, so I would know the demand and vacancy rates. This was my first short term rental, and I’ve been at it since June, so I wasn’t sure if it could pay its own way. So far, it has been good. This is the slow season so far, and I had a cancellation for the last hurricane, but still have plenty of interest. My 3 bed house is largely getting other FL residents who want to visit the ocean for a few days, grandparents with kids and grandkids, and the occasional anniversary.

I also applied for a Fl State license, for $200 and was granted it about a month later. 

In my case, I'm not on the water, but one house from the intracoastal waterway. FEMA has flood maps online. Sometimes the hurricanes bring sand in, and other times they take sand out. This area has not been hit hard enough to wipe out houses, in the few years since I've lived here. I've owned rentals in Florida since 2013, with no other major damage, or flooding for that matter.

Insurance is pricey overall but flood insurance isn’t too bad.

Anything else?