Double up on rental income
Answer: Sure things in SW Florida.
A duplex is a two unit home that can be used in a split manner with one of the units serving as the primary residence and other as a rental property or as an investment property with two rental units.
While the CAP rates may not be reach lofty levels that we experienced prior to the last couple of years of land pricing increases, duplex properties are still paying off for many investors. Resale activity is stronger in this sector than single family construction with a pending to active ratio just under 20 percent.
The typical configuration here in SW Florida is a single-story side-by-side layout with each unit containing two or three bedrooms, two baths and approximately 1200 sq. ft. of living space. These structures are constructed on over-sized lots usually 100 ft by 125 ft and zoned RM-2. Currently gross monthly rents for duplex buildings are ranging from $1600 to $2000.
There are many lot options available today for a perspective investor. Three Lehigh Acres duplex lot options options currently on the market are: 920/22 Homestead Rd S for $53,000; 4633/35 24th St SW for $57,000 and 4728/30 27th St SW for $57,000. Please contact me if you are interested in exploring duplex options in SW Florida.