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Second Home, Retirement Home, Rental Property in Port Orange

By Phil Hanner

Real Estate Agent with Keller Williams

September 16, 2011 03:58 AM

I have worked with several buyers from Canada, New York, Ohio and other areas who are taking advantage of the low prices to buy a retirement home now, for use years down the road. Here is how they did it.

This area has numerous schools and colleges including Bethune Cookman, Embry Riddle Aeronautical University, Palmer College of Chiropractic, Daytona State College, Keiser College, and Wyotech. These schools have little or no on campus housing so students are always looking for quality properties to rent. These potential renters are in addition to the traditional renter. In many areas rents were declining. They have stabilized and in some zip codes rents have actually increased.

The out of state investors buy a home at the current low price, and then rent it out to cover expenses until they retire and move into the property. Renting to numerous students vs a single family can bring in more income. I know of one investor who has Embry Riddle (ERAU) students in his property. Each student pays 400 per month. With 5 tenants, that is $2000 per month gross. ERAU and Palmer College students make good renters - these young adults are future airline pilots and doctors. they tend to be more responsible than other young adults.

I currently have a property that would make an excellent investment in Port Orange, FL. It has 5 bedrooms, 2 1/2 baths, and is convenient to all of these schools. It has a huge lot for parking that boat or RV and would still have room for a pool. Buy it now, rent it out for $2,250 per month, then move in after you retire or become a snowbird.

Port Orange is an attractive area to retire to, or raise a family. For more information, see below.

Check out the virtual tour for this home at: http://tour.previsite.com/88EC3FC1-9717-6760-48A1-FC555C782DE5

For a market analysis of this area: http://www.findahomeinportorange.com/mimarket/zip/32127/

For community information: http://www.findahomeinportorange.com/micommunity/zip/32127/

For local school info: http://www.findahomeinportorange.com/mischool/zip/32127/

To compare areas against each other: http://www.findahomeinportorange.com/micompare/zip/32127/

Front view of 839 Chickadee, Port Orange Fl Family Room