The prices in Naples and Fort Meyers seem too good to be true.I have done very well in Virginia,where I live,with SFH rentals.I would like to get started in Florida.It will give me a good reason to visit in the winter and live part time in a couple of years.I have seen duplexes for 80k to 130k with tenants in place with what appears to be a positive cash flow!! What am I missing?
Without knowing the exact income and expenses, you can apply the 50% rule to see if the properties will have positive cashflow. Then you can dig a little deeper. I’ve seen some properties on Realtor.com that say the rents add up to $1500/mo. but the picture shows the windows all boarded up! You’ll have to do some digging and actually see these places. Good luck.
I am familiar with the SWFL market and I have two words of caution; property insurance and real estate taxes. Non owner occupied real estate taxes in Florida are outlandish and property insurance is very expensive if you can get it. These two items alone will drive the 50% rule much higher so look at all the numbers closely and confirm everything.