Thoughts on Marathon Florida

[Seth A. Weber]

Hello Gang! I am evaluating my first long distance endeavor. A in-law family member is selling a 3bed 2 bath ground floor house in Marathon Florida. The house has had recent updates/rehab after some storm action, (home is getting fresh inside/outside paint this month. A standard issue home and not on a canal or water. It has been used as a long term rental and was collecting $2200 a month. The house does not rally have any amenities that would make it a good short-term rental.  I understand the insurance is the killer to the good deal in that part of the world, hearing around $6-7K?  I have the ability to purchase the home for around $325K which would be a good price since it seems like inventory below 400K is quite limited.  Long term rentals are hard to come by in Marathon and needed for the community for sure, but this seems like a appreciation play more than anything.  The property, would not cash flow, but could be a hold investment for now and maybe a retirement home in a couple of years. Maybe? 

Any folks in the Keys area wanna weigh in...looking for some local BP insight that could aid me.

Thanks in advance for your input, Seth.