Investing in St. Petersburg Florida

[Matthew Ferguson]

Does anyone have experience investing in the St. Petersburg area? Grew up vacationing in St. Pete beach, and absolutely love the area. There seems to be good rent/price ratios even at the top of the market.  Any advice would be great!

[Ryan Tolley]

Hey @Matthew Ferguson ...That depends if you're thinking of going the LTR route in the city of St. Pete, or trying to do STR (vacation rentals) in the St. Pete Beach area. It's critically important to make sure you know the exact zoning in regards to minimum stay requirements before you go too deep into a property. St. Pete Beach has varying STR rules in different areas, and each condo HOA sets it's own stipulation on 3, 7, 14, 30+ day minimums.

I'm glad to help with info, or potential rental estimates for properties you're thinking about on the STR side. Just DM me if you want any additional data.

[Alex M.]

Matthew,

I am an investor and agent in the St. Petersburg area. Currently house-hacking in Madeira Beach. I’d be happy to help you analyze some deals, research the market or answer any questions you may have.  

I am a life-long resident of the St. Pete area and am very involved in the market here, especially in analyzing rental properties. 

Alex 

[Lou Farese]

@Matthew Ferguson do you have any updates on your search? Will be down in Clearwater Beach next month for a few days and planning on driving some neighborhoods in Pinellas County.

[Keith Crogan]

Hey Matthew,

A lot has changed since you posted this but I also lived in New England and now live in St Pete. Right now we are seeing rent bumps unusual for the area. I toured some apartments in August and there were multiple uhuals parked out front. People are touring and signing leases the same day because of the urgency to live somewhere. People are selling their homes in the northeast/midwest and moving here.

[Jeremiah Klotz]

Hello, I’m a local investor and general contractor  to St. Petersburg. The market is very hot right now. If I can assist with any construction or permitting questions please reach out. 

[Aaron A.]

Do you think it’s better to buy a single family rental in the Saint Pete or the Tampa Bay Area? and what about flood insurance. Would you even consider a property in a flood zone in either area?

Thank you in advance!

[Mark Sullivan]

I have SFU's & Duplex rentals in the Midwest and looking at selling a few and reinvesting into the St. Pete market.  My basic assumption is I would be trading a certain level of cash flow for increased appreciation over a period of 10 years. For example, I looked at one tri-plex that had recently been remodeled with two units being 2/2 @1000 sq feet renting for $2,000 per unit and the third being a 2/1 renting for $1750 asking price of $850K.  Why would someone do that?  

Anyone familiar with the St. Pete market? Assume heavy STR and this is what is driving the market? Also, I assume a 10% property management fee in my calculations and based on initial conversations.

[John Mason]

@Mark Sullivan Hello did you go through with it?

[Mark Sullivan]

No - I couldn't make the numbers work.