Tuesday, June 09, 2009

Green Shoots In Naples, Florida!

Check out that house on Tropicana Blvd in Naples, Florida. It's a triplex of (3!) 750 square foot units - each 2 BR 1 BA.

It's *distressed* and obviously at $63,630 on sale for less than a luxury car.

Note the building's sale history below:

Yep, it's on sale for less than half of its 1999 price!!!!!!!!!!

My realtor buddy says each unit should rent for $500 per month. Color me skeptical.

BUT, his *cheapness* point is valid.

At today's rates, $400 TOTAL in monthly rent will cover the mortgage. So figure $135 a month per unit as one's breakeven (at full occupancy).


Funny Circus Bears said...

looks like a helluva deal if your willing to be a slumlord for 5 or ten years while prices stop falling, level off for years, and then rise again.

Taylor Conant said...


You mean the lawn, right?

CaptiousNut said...

Yeah, I wouldn't be too eager to have the problems that accompany the tenants of $150 per month rentals!