Looking at Multifamily Deal in Daytona Beach Florida

[Garry C.]

I currently have two properties in Colorado, a short term vacation rental and a long term rental in metro Denver. I want to invest in multifamily and I'm also interested in investing out of state. It might not be the best idea to embark on both at once, but fortune favors the bold, no risk no reward, etc. I really like this deal in Daytona Beach, FL and don't want to pass on it, as long as I'm not missing something.

I'm doing my due diligence, numbers are still looking good. After receiving some recommendations on PMs, I'm going to talk to one today and see if they would be a good fit. Next step would be to fly down early next month to meet with the PM and check out the property.

My deal doesn't seem too good to be true, necessarily, but it is a great deal and I'm not clear on the seller's motivation.

So, anyone have general input on Daytona Beach?
Might I be missing something about the market?
What should I know about rentals there, seasons, short term vs. long term, etc.?