What Kind of House Can I Get in Florida for under $140,000?

Are you sitting down?  Good, because $140,000 buys a lot of house these days in west central Florida.

Click here to see what I mean!

Now, keep in mind this house will only rent for about $1,000 a month, so the cash flow situation for an investment property would not be very exciting.  But, if you just wanted to live in it, that’s a different story.  Seems to me like a lot of house for the money.  And, of course, you realize the price is negotiable.  You could probably get the house for less than this asking price; maybe a lot less.

Now, for properties that make sense financially, you have to get the purchase price around the $80,000 mark for a 3 bedroom, 2 bath, 2 car garage home.  There are lots of them out there and the ones in good nick will rent easily for $800 a month.  Convince yourself that these numbers stack up; this is a good (great) return. 

How do you know they’ll easily rent for $800 a month?  Good question.  First, I have talked to three or four real estate agents and they all say the same thing, “We can’t keep three bedroom houses in stalk.  We’ve got lots of two bedrooms available but everybody’s looking for three bedroom.  If you have a three bedroom property – and it’s in good condition – it’ll rent right away.”

Also, we own two homes in the area – both three bedroom – one is renting for $800 a month and the other was getting $900 a month.  The second home is undergoing repairs so is currently not rented.  It should rent quickly at the $850-900 mark again.

What do I mean by a “good” three bedroom home?  Again, good question.  Check out this link to see an example of what I mean!  And, there’s more where that came from.

If you have specific questions about this market, let me know.  If you have any comments and/or suggestions, please chime in and share your thoughts and/or ideas!

Signing off for now in West Central Florida!