Buying a rental in Naples, FL

[Russell Volk]

Hello everyone,

I have about $200K that I can invest.  Looking in and around the Naples area.  The goal is to rent out the place and also be able to use it for myself and my family maybe 5-6 times per year.  And, if I can make money, that would be a bonus.

What type of property is best to focus on?  Townhome, condo, single, etc.?  Which area of Naples is best to focus on?  Closer to the beach?  Maybe on the other side of 75?  I know some communities don't allow short term rentals, so if you can recommend some subdivisions that allow at least a 7 day rental, I would appreciate that.

Just looking for the best possible way to spend that money and still be able to enjoy the vacation home myself.  And of course I want to break even or better.

TIA

[Robert Alpizar]

Hi Russel. West of I-75 is definitely your best bet for short term however it will come down to what $200K gets you in our market... you're probably looking at a nice 2/2 condo. Single Family is not available at that price point (Maybe a fixer outside of a short term rental area.) Best you can hope for is a condo within an association that allows 30 day rentals - most seasonal renters rent from November-April in 30 day+ periods anyhow (During this period rental rates essentially double as the snow birds come down to vacation). I just helped a client buy a turnkey 2/2 condo only 3 miles from the beach in North Naples for $188K - something like that should make a great rental for you. For something within that budget that allows weekly rentals, you may have to search outside of Naples (Collier County).