Help needed with my first multi family in Daytona Beach

[Scott Esmail]

I am in contract on a 58 unit muti-family in daytona beach. This is my first multi in that area and also with one bedrooms. 40 are 1 bedrooms and the rest are 2 bedrooms. I'm concerned if im going to be able to fill all the 1 bedrooms with quality tenants. Has anyone had experience in either multi family in Daytona or with 1 bedrooms, how are the tenants, is it hard to fill, do they turn over a lot? It is not close to any Universities and there are a lot of multi family buildings in the area which also makes me nervous. the tenants that are currently living there I believe most of them will have to go because they are not qualified. The building is in bad shape and has not been well maintained im just not sure once I fix it up and turn it around that I will be able to get decent tenants. I have looked at other properties close by and what type of tenants they have however none of them are 1 bedrooms. The complex is very tight quarters with the 1 bedrooms only being 600sqft it is almost like a motel style on the exterior, which also makes me nervous what type of tenant I will get. The rents are low right now but can go up some but nothing spectacular. I want it for long term not to flip so not sure if it is the right property.

[Kristin Kiddy]

@Scott Esmail Sounds like you aren't feeling super confident on this property. Location in Daytona is everything. STR is not yet an option for most of the area, although there are people on the city council trying to change that (for a small section of the beachside). There is a great need for lower cost housing. You may want to look at section 8 once you rehab the building. If you have consistently paying tenants that don't cause trouble, I wouldn't rule them out.