55 and older communities in South Florida

[Scott Campbell]

I've been looking around in south Florida, and have been seeing a lot of condos for 55 and older tenants only. There seems to be some good value in some, but I'm a little worried about the vacancy rates in those areas. The market seems like it could be a little saturated there. Could anyone with some firsthand experience let me know what to expect as far as vacancies are concerned?

[Mitchell L.]

I would stay away from 55+ communities at all costs.. HOA fees will kill the deal every time and it is difficult to rent those on a long-term basis.. You can find them in some places for 15-20K but HOA dues are $450-$500 and the rents are only $800 there.. With vacancies, taxes, insurance, repairs.. Your return is little to none..