Thoughts on the Tallahassee, FL market

[Patrick V.]

Hi all,

I am an out of state investor who spent many years in Tallahassee, FL. I know the area well and have identified Tallahassee as a city with good potential for cash flowing rentals. I have some questions for those who are familiar with and invest in the area. I would likely be looking to invest near FSU and appealing towards college students.

- What are your thoughts on the current market? Tallahassee has seen decent appreciation, do you except the University to continue growing? Do you have decent cash flow with existing properties?

- Did you see a decline in tenant demand with Covid? Has it rebounded?

- I would be looking to do value add rentals near campus, ideally multifamily but those seem rare to find. I am familiar with college students and know the house would have more damage and turn over then non college rental housing. What is your experience with college rentals, how much do you need to allocate for repairs and vacancies? 

- Do you foresee any price corrections in the next year?

- Any recommendations for RE agents that work well with investors?

- Any recommendations for property managers that are quality and cost conscious?

- Is the market competitive and favoring sellers as interest rates are low and many folks have migrated to FL through Covid?

- What types of properties do you recommended? Ideally I would get a value add multifamily as I have enough capital and prefer to deal with one property then various SFRs and I can still get a residential loan as long as the property has 4 units or less. However it seems most properties here are going to be SFRs.

Many thanks for any input!