Rental Income Property in Florida - Boca Raton or Jacksonville?

[Jaslin Levy]

Hi,

I'm looking for a condo or single family home that I can buy and convert to a rental income in Florida, preferably in Boca Raton or Jacksonville.  However, I'm not sure which city is better.  I will not be doing Airbnb, simply looking to have long term renters.

Can anyone let me know which city is best for this option and if you can provide zip codes that would also be helpful.

Thanks

Jas

[Kyle Funnell]

Hey @Jaslin Levy,

I am an investor/realtor in Palm Beach County. It really depends on the amount of capital you have to put down. Boca Raton is definitely high end and quite expensive. Can't really speak to the Jacksonville market too much, but Jacksonville will be the more affordable option, however it is a big spread out city that you really won't see the appreciation as fast as Boca Raton (Boca has no where to go east or west with the ocean/everglades). Demand is only growing with an influx of people moving down from up north. 

The big things to look out for in Boca especially is HOPA's, Membership Equity and HOA's. The prices may look great but they may tack on a mandatory $80,000 membership equity or a $1000/month HOA. Additionally, some HOA's are not renter friendly and have many restrictions on who/when or how long you rent your property for.

There are other areas in Palm Beach that will allow you to have pretty good returns north of Boca (if you are flexible in your search)