Hi everyone. So Mr. OCC (my DH) wants to take a risk and possibly buy a house as an investment property. I'm more of a realist (and cynical) and also plan for the worst (my lovely mentality). We live in South Florida where it's highly populated/crowded, rude, hot, cost of living is expensive compared to pay (though not as heinous as NYC, LA, etc.) and as far as I'm concerned FL was pretty much ground zero for the housing market crash. So housing prices are $200k+ and the nicer, newer homes easily $300k+. Less than $200k and I'm looking at condos and townhomes so I'm subject to HOAs and possibly can't rent until after a year, etc.
Mr. OCC is from a small town, Deland, in central FL where you can get a nice house for maybe $100-$150k. I am really worried about rent ability. I understand Deland is projected to have higher percentages of housing value increase within the next few years... However, in my logical mind I'm thinking Deland is so small two families move in and the percentages would be significantly skewed compared to two families moving in South Florida which might as well be a drop in the ocean. At least that's my thinking. Sorry, but I've lived in a heavily populated city all my life so smaller towns like Deland scare me. I thought about and would consider Tallahassee and Jacksonville more so, but they are just too far away.
Anyways, interest rates are low but what will I do with a nice house in Deland if I can't rent it out?! And idk about those condo/townhomes because those $300+ HOAs are no fun either. I considered the what about a home near Stetson university? Well, we're 4 hours away from Deland so we wouldn't be active landlords and college students can have a high turnover in addition to the fear that my investment house will smell and start looking like a dorm (the house maintenance issue).
I guess I'm just not much of a risk taker. As much as life is short, sometimes it really isn't and if this is a bad investment the idea of having to stay longer for my psycho boss may seriously depress me into a psych ward. I know investments are risky but at this rate this property is going to cost me more worry than incentive... What do you guys think? Any comments or opinions?