Condo Buy in Harbour Island, Tampa, FL -

[Joe Shields]

First-time buyer here looking to invest in rental properties. I'm planning to purchase a 1/1 Condo at 501 Knights Run Ave. on Harbour Island in Tampa Florida for $179k. Remodeled unit and premarket. My dilemma, a new luxury building, 500 Harbor Island, being built across the street. 235 brand new apartments will be available October 1st and I plan to close on 501 Knights Ave. on September 1st. Rents for 1/1 at 500 HI are $1850-2200+ and I was looking to rent my 501 Knights Ave. for $1400-1500 .

Any thoughts on how the supply and demand of this new luxury building should effect, supply and demand, sale prices and rent at 501 Knights Ave and Harbor Island in general? Thank you!

- Joe