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Wondering if anyone has a good enough feel for the Rosemary (proper) rental market and costs to ballpark the following: Assume I buy a 3 bedroom house on the north side of 30-A for $1mm (several available it appears). How much am I likely to net if I put it on the rental program? Having a hard time getting a straight answer. Seller's make the market out to be pretty strong rental-wise. But they can't cash flow or they wouldn't be dropping in price. On the other hand, rental rates seem to be staying awfully high given how much is for sale down there. Trying to gauge is the rental market will offest the costs enough to buy something I will use personally at most 2 weeks a year. Chime in if you think the prospects of a cash-flowing vacation property are substantially better elsewhere on the panhandle. I'd have to pay the ridiculous nonresident property tax.
Ralph, I know Michael Henderson, and he is extremely knowledgeable about crunching the numbers on rental properties in Rosemary Beach. I would highly recommend working with him and his partner, Katie, if you are considering Rosemary Beach. They also have some great listings in Rosemary, and would be of great benefit to you. Katie is extraordinary in her knowledge of the rental market, as she is also a property owner and manages her own short term rental property. Work with them, they are the BEST!!
Most homes in the mil range will not pay for themselves unless you put down 30% or more The rentals on 4 bedroom with a pool(a Must) on a rental program might hit 40K with 30% of that going to the rental management company, you can add to the rentals by 1) doing yourself 2) refering to the rental company from VRBO sites. Mostly your rentals will cover taxes, insurance and partial mortgage but cash flow or break even is rare unless you manage yourself. The other things that help are the tax breaks.
The rental market might have increase but the number of homes on rentals has also
The best place is on Crystal Beach in homes in the 500-1 mil range you can find a link to crystal beach on http://www.destincondosandhomes.com
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