Super friendly condo complex located on Daytona Beach. Your property is not located where you have a direct ocean view, but you are amazingly close still. The complex has 2 nice pools that overlook the beach, a gym, and a dedicated parking spot. The unit is a 1 bathroom studio that includes a small kitchen area.
You can self manage or use the onsite property manager. If you use the onsite management company, they charge a 20% fee off of the top. You can also long term rent. For on season, the unit gets $150/night. For off season, it’s about $100/night. If you use model of onsite management, and you deduct a vacancy of 25% for the off months, you would be looking at 17% net return. That should be your worst case scenario. If you self manage, that would give you a much higher return. The HOA is $500/month, but that includes everything – power, water, cable, amenities, and insurance for the exterior.
There is a tenant that will be out by the end of the month, so showings will be by appointment. The unit has a new ac unit, but the current tenant is a smoker, so you will need to clean and paint pretty intensely to make it fresh again. The kitchen does not currently have a stove, so you will probably want to add a small kitchenette style oven. The flooring is older and the bathroom could use an update. Some new clean appliances will finish it off. The complex is not the Taj Mahal, so you don’t have to use top notch material. Clean and new will go a long way here.
Bottom line is you are on the Ocean and the return is very attractive. With so many people moving to Florida, we feel this price point will soon be a thing of the past for properties like this.