Jacksonville Rental Market for out-of-town investor

[Carlos Asuaje]

Hello everyone. I am a South Florida investor that has 5 properties between fort lauderdale and orlando. I know those markets pretty well but after a wholesaler I trust began sending me properties in the Jacksonville area, I've really become interested in maybe looking up there for my next deal! 

I don't know anything about the area but one thing I have noticed is the ridiculously cheap pricing on a lot of deals up there. Is the Jacksonville area up and coming? Or is it just not nice at all and kind of sketchy to invest in? Does anyone have experience in the Crestwood St. area up there (looks to be near city center?)

Also, from your local estimation, is there a strong rental market there? Down south finding renters is like shooting fish in a barrel due to the extremely high home prices. Is it a similar feeling up there or is it difficult to find renters? 

Any information would be appreciated, and hey, I'm always looking to partner so if you have a team/experience and are looking for deals in the Jacksonville area, let's connect! 

[Minna Reid]

Jacksonville is the largest city in the country (geographically) with a population of  1.6 mil. Its the most populated city in Florida, and I believe one of the fastest growing cities in the country at this point. People are moving in like crazy and construction is going up everywhere. We are still one of the most affordable areas of coastal Florida, but I would definitely not call it cheap (curious what price points you were quoted). The areas near city center are sketchy. It is definitely not a vibrant happening downtown like you may be picturing. Downtown has been in some state of attempted revitalization as long as I've been here. The most desirable (and expensive) areas are some of the outskirts of downtown by the river (Riverside, San Marco, Avondale), and the south east quadrant of Jax, and of course the Beaches. 

The area north of the Dames Point Bridge is definitely being built up as is all of the Bartram area, and anything near the St Johns County line. West side and North side also have a mix of neighborhoods and are growing. The area is just so large, you will find every different kind of neighborhood here. We have everything from  multi million dollar waterfront mansions, to middle class suburbia, to homes with acreage in the country, to ghetto apartments and everything in between. 

Since the demand for homes and rentals is SO HIGH and inventory is so sparse, I am seeing some of the up and coming neighborhoods start transitioning, and I do imagine that will continue for some time.