Realtor · San Francisco, CA · Member since 2015 · 17 posts · 26 votes
Hi BP members,
I have a quick question for seasoned investors in Cape Coral FL.
I am actively looking for a deal there at the moment but I hear very different information from different people about the accurate tax and insurance info. Can you share how much of property tax and insurance I should expect when I purchase a brand new or newer home (less than 10 years old) in Cape Coral?
Investor · Ellington, CT · Member since 2012 · 60 posts · 16 votes
10y
Hi Hanna,
If you go to www.leepa.org they have a calculator for estimating property tax. However, it won't include any assessments. If it's an existing house, you can look at the previous years property tax bill for that property to see what assessments, in addition to the standard property tax, that they are paying.
Welcome to BP. Yes, taxes will reset upon purchase. As far as insurance, the newer properties cost a lost less to insure. I have several properties in the cape and that is one of my favorite areas for buy and hold. Naples is quite a bit more expensive. If you purchase properties built in 2004 or later they were built to the new hurricane standards and your insurance can be pretty inexpensive. I have properties that are worth in the 180K range and insurance is under $1200 per year. The cape is getting out of hand with taxes and another consideration is whether you buy something with city water and sewer. The assessment is around $22,500 per average house. The assessments transfer with title to the new owner. I purchased one last year, built in 2004, where all assessments had been paid in full. I have another one that was built late 80's and there is probably 4K left on assessments. Good luck.