Tampa area investment propertes

[Melanie Hartmann]

Our oldest will be headed to college in Tampa in the fall and we are considering buying a rental property that she and roommates can live in the next year and that we could hang on to for future renters and vacations for us.  We own 5 rentals in Texas and I am very comfortable knowing our market and tenant placement.

What I am wondering in Tampa is:  can we buy a nice property in the low $200's within 25 mins to UT campus, is the long term rental market strong in Tampa, do rental rates compared to purchase price make sense (ie, I don't want to buy a $200k house that only rents for $1100/month)?  

Love any input and any agents that know the investment and rental market in Tampa.  I am a Realtor and Property Manager in Texas but need a great agent that understands RE investing not just buying and selling RE.  Thanks Melanie

[Nick C.]

Yes you can get something decent in the low $200s within 25 minutes to UT. Long term rentals are very strong. If you're looking for $1100 you could spend $100 - $150k, depending on how nice of an area you want. 

Your best bet to be near UT is West Tampa and Seminole Heights, very decent areas, prices aren't too bad yet, but they're rising for sure.