You're excited to add a new property to your rental property portfolio in 2024, and you're eyeing Fort Walton Beach, FL. Now couldn't be a better time to invest in this section of the Florida panhandle.
Research shows that the monthly rent for a two-bedroom home in Fort Walton Beach is $1,245 per month, nearly 8% higher than the average. The area remains a popular place to invest in real estate due to its temperate weather and beautiful beaches. Boating, fishing, and restaurants also draw new renters to the area.
Choosing an investment property in Fort Walton Beach, FL, requires understanding market conditions and developing a rental strategy. Let's explore three tips for selecting an investment property in the city.
1. Location, Location, Location
Search for an investment property in Fort Walton Beach in a convenient and desirable area near local amenities. A popular neighborhood to consider is Ocean City, which is on the west side of the city's center. It offers excellent access to the following attractions:
- Indian Temple Mound Museum
- Gulfarium Marine Adventure Park
- Ocean City Beach
An island neighborhood where you may want to shop for Fort Walton Beach real estate is Santa Rosa Island. This neighborhood offers excellent access to the Okaloosa Island Beach and Fishing Pier. These locations may mean higher rent payments, the appreciation of your property values, and improved cash flow for investors.
2. Rental Home Condition
Assess the condition of the property you're considering buying when shopping for Florida real estate. Avoid properties requiring major renovations unless you're interested in investing in fixer-uppers.
A property that doesn't require as much work will be simpler to manage. You may also attract better renters since you'll be able to charge more for rent. Examine the following aspects of your prospective rental property to determine if it's worth investing in:
- The doors', windows', roof's, walls, and foundation's structural integrity
- The functionality and quality of the electrical and plumbing systems
- The building's compliance with your local regulations
Pay attention to your potential rental home's cooling and heating systems, too. Other aspects of the home to evaluate are the appliances, fixtures, paint, and flooring.
Consider hiring a home inspection company to perform a detailed evaluation if you don't feel comfortable inspecting the home yourself. A detailed inspection report may help you pinpoint defects or issues that must be fixed before you purchase the home. The report might even make negotiating a cheaper price for the property easier.
3. Income Potential
Look for a property that will produce enough monthly income for you as you seek to invest in Walton Beach. A property management company can perform a rental analysis to help you determine if a property will generate enough cash flow to make a profit.
Help With Choosing an Investment Property
The top tips for choosing an investment property in Fort Walton Beach, FL, include picking a home near local attractions. Consider a property's condition and income potential before investing in it, too.
At All American Realty, a full-service property management company, we can conduct a rental analysis for you and help you manage rent collection, tenant screenings, and more. Contact us for a free rental analysis, and work with us today!
