Rental Property Investor · Odessa, FL · Member since 2017 · 145 posts · 113 votes
I recently started reaching out to sellers I had previous deals with to see if they have something interesting they are looking to let go of.
One of the persons I reached out to says he has a SFH to offer in Jacksonville, FL. Since I'm located in Tampa, Jacksonville is an uncharted territory for me so I would be happy to get some input from locals there.
The property is located in the Riverview area (zip 32208) it's a 2/1 Block freshly renovated and looks from the outside and inside in beautiful condition. The seller is asking for $69,000. My intentions are making it a rental and enjoying the cashflow.
I started running the numbers by reaching out to a couple management companies to understand how much the rental goes for. Only one company responded and estimated it's ±$790 a month. A rough estimate would net me about 8-10% a year which isn't that great but also not too bad.
I'd love to get some input from locals in the Jacksonville area how is Riverview and if there's appreciation potential there. Once I gather enough information I will travel to check the property out.
Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
7y
@David Tsedaka
I got 30 houses in this area and it is a fantastic rental area but your purchase price is too high.
Especially for a 2 bedroom 1 bath you can buy those all day long for like 35k-45k.
Rent price you quoted is accurate.
Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
7y
@David Tsedaka
I got 30 houses in this area and it is a fantastic rental area but your purchase price is too high.
Especially for a 2 bedroom 1 bath you can buy those all day long for like 35k-45k.
Rent price you quoted is accurate.
Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
7y
@David Tsedaka
In regards appreciation, there is none if you purchase at 69,000 because that's the most that house is ever gonna be worth...if that.
The only way to get appreciation in this area is to purchase very low, like 20-30k. This is basically a cashflow only area.
Rental Property Investor · Jacksonville, FL · Member since 2008 · 784 posts · 528 votes
7y
@Account Closed Like @Mark Fries has stated, that is too much to pay for that area. There are 3 bedroom homes offered for less and the 3 bedrooms are easier to rent than a 2 bedroom. Appreciation in Jacksonville will slow down next year once the market catches up. It may say 9-10%, but I'd realistically count on 4-5%. Best of luck to you!