Are you looking to invest in Davenport, FL real estate? Investing in real estate is popular for good reasons! If you do it right, you’ll be able to generate a passive rental income and create generational wealth.
But as you probably know, real estate markets aren’t created equal. What works in Davenport may not work in other areas of Orlando, or Florida at large. That’s why before buying an income property, it’s wise to carry out detailed research.
Davenport is an ideal investment location as it’s able to check off many boxes on an investor’s wishlist. This is because it’s in a convenient location, offers affordable real estate and solid rental rates, has a large student market, and more!
In today’s article by RentSmartUSA, we’ll go over the top reasons to buy an investment property in Davenport, FL. You’ll learn everything you need to know about what makes the area such a sound investment option.
Why Invest in Davenport, Florida Rental Properties
Davenport is Conveniently Located
The town of Davenport has convenient access to both US Highway 27 and Interstate 4. For vacationers, this means an easy drive to popular nearby attractions like Sea World Orlando, Universal, Disney, and Legoland.
Additionally, the town is only 30 miles from Orlando and just 54 miles away from Tampa. Both are major cities with access to International airports making it an ideal location for both long and short-term rental properties.
Davenport is Attractive
Davenport has a small-town charm, which makes it a popular destination for Orlando-bound visitors. The Webb’s Candy Factory, for instance, is a favorite among locals and visitors alike. The factory has been operating since 1932 and is known for creating delicious homemade confections.
Another popular spot is True Blue Winery. This offers a friendly atmosphere with a small-town charm, providing prize-winning homemade wines and bistro-style meals. Other than being a haven for food lovers, Davenport is also rich in natural attractions. Top sights in Davenport include Lake Davenport, Solterra Resort, and Providence Golf Club.
Speaking of golf, Davenport is a golf lover’s dream! There are multiple golf courses thanks to tons of green space and small rolling hills. Some of the best golf courses in the area include Highlands Reserve Golf Club and ChampionsGate Golf Club.
Real Estate is Affordable
As an investor, you’ll also be glad to know that, generally speaking, Davenport’s real estate is quite affordable. The median property value is $330,000. However, a large minority of residents in this market end up renting. This presents a great opportunity for property owners looking to rent our their investment properties.
Florida is Landlord-friendly
Notwithstanding the sizeable renter population, the state’s landlord-tenant laws are considered to be very landlord-friendly. This, therefore, creates a favorable environment for investment property owners.
For one, there is a state law prohibiting rent control. This means that you may be able to charge your tenant whatever amount of rent you wish. Also, there is no limit on how much security deposit you can charge a tenant.
It’s important to note that if you aren’t charging prices in line with your competitors, you could experience long periods of vacancy. If you’d like help pricing your rentals or understanding the rental laws in the state, consider reaching out to a property manager today!
Davenport has Plenty of Fantastic Properties
Whether you’re looking to invest in single-family homes, condos, townhomes, or vacation homes, Davenport has you covered. The numerous options available will ensure you choose what’s right for your investment and lifestyle.
The town is particularly popular with vacationers thanks to its rising popularity as a holiday destination. Additionally, Davenport is zoned as an area that allows short-term rentals.
Davenport is Family-friendly
Families are attracted to the town for a variety of reasons. For one, there are lots of parks in and around the area. And most of these parks have swimming pools, elaborate playgrounds, and other attractions popular with families.
Popular options include Jamestown, Lake Play, Adair Field, Wilson Park, and Lewis Matthew Complex. What’s more, the rate of crime is low in the area as Davenport scores highly when it comes to safety.
Proximity to Beaches
This is also another major draw for people. Options include Cocoa Beach, Clearwater Beach, Daytona Beach, Key West Beach, Pensacola Beach, Miami Beach, New Smyrna Beach, and St. Pete Beach.
Due to the proximity of great beaches, short-term rentals have high potential. Not everyone wants to stay in a resort or hotel during their trip. This is a market investors can consider tapping into.
Population is Growing
From an investment point of view, population metrics are key. When the population of an area is growing, it also points to a growing demand for rentals. This is another point where Davenport shows great potential for investors.
Currently, the town’s population is growing at 8.92% annually and it has an estimated population of 4,682 residents.
The Bottom Line
Clearly, the Davenport real estate market offers a great opportunity for investors both in and outside of the state. It’s popular with tourists, home values are affordable, the crime rate is low, and the rental rates are solid, among other things.
That being said, without experience, it can be easy for you to make potentially costly mistakes. If you are just starting, it may be in your best interest to hire a professional property management company.
The team at RentSmartUSA can help you maximize your ROI while reducing the stress associated with managing rentals! Contact us today to learn more about our services.