I have held quite a few properties over the years in Gainesville and you need to understand the environment and market. Tons of moving parts that can be a huge advantage or pitfall. I'm relatively new to BP but feel free to contact me with more questions.
1. Taxes - Taxes, did I say taxes. Alachua county has one of the highest milage rates in the state. Remember, with very few private companies and no tourism, the county has to generate revenue somehow.
2. Landlord permits - Yes, these are very real and expensive. They have now gone up to $75 per unit and they want you to register with the county.
3. Competition in the student housing market from the big guys. Several new options under construction at pretty low price points because the are several floors. Needs to be watched.
Yes, you can say this about many markets but be very careful in the multi space. The sweet spot for buy and holds is to target those who want to live in a college town and not be near the campus. There are several "failure to launch" individuals in Gainesville that will never buy a home but are very satisfied to live in a one bedroom apartment for years. That's the vertical that you need to target.
Just my advice but feel free to contact me. Thanks!
