Jacksonville is a promising market for apartment investing thanks to a stabilizing real estate market and rising property prices. The city draws renters thanks to its great weather, affordable cost of living, and many attractions and amenities.
There's more to buying an investment property than finding an attractive destination, though. Property investment is a delicate balance between appeal and profitability, no matter where you buy a rental unit.
Read on for our top tips on how to get started.
Team Up With Apartment Investing Experts
Whether you're just dipping your toes in the real estate investment market or already own several rental properties, you can benefit from the advice of a local expert.
Always enlist the services of a seasoned real estate agent or broker when you start your search for Jacksonville properties.
They can best inform you about local conditions, up-and-coming markets, and rental market trends, to help you make an informed decision.
Research Profitable Markets
A realtor is well-informed about the average profit from rental property in each market and can guide you toward well-priced property in high-growth areas.
These are some of the best Jacksonville neighborhoods for investors:
- Deerwood
- Southside
- Riverside
- Oakleaf Plantation
- Downtown
Each of these has different potential. Some appeal to families thanks to good schools and a positive environment. Others suit young professionals looking for great jobs and plenty of entertainment options.
Carry Out a Rental Analysis
Careful analysis of the real estate market is vital for your success as a landlord. You must consider how much you can charge tenants versus the ongoing costs associated with the property.
These include:
- Mortgage payments
- HOA fees, if applicable
- Property taxes
- Maintenance and repair costs
- Property management fees
The rental value of a property depends on the norm for the area. Compare potential investment properties with similar homes or buildings in the area to determine how much rent you can charge.
Different rental rates may apply to properties based on factors like views, finishes, proximity to amenities, and the age of the structure.
Under Florida law, landlords must maintain their properties in a habitable condition. A home inspection can reveal whether the property you're interested in complies with local building codes and help you calculate the estimated cost of repairs and maintenance.
You must include these ongoing expenses in your rental analysis to get an accurate impression of your profits. As a general rule, you should aim to charge around 1.1% of the property's value in rent.
A property manager can be of great assistance during this process.
Work With a Property Manager at Every Stage
Expert guidance from an experienced real estate broker helps you make the best choices when buying and renting Jacksonville investment properties. Hiring a property manager from the outset is the best way to maximize your investment journey from the start.
Northeast Florida Realty Inc. has been involved in real estate for over 20 years. Our hands-on approach has helped hundreds of customers achieve their property investing goals.
Work with the Jacksonville experts at every stage of your apartment investing journey.
