Bought Another Lot, Palm Coast Florida

**INXS** · 02-15-2018, 02:55 AM

Its in Seminole Woods, far south part, Seckel Ct.
Anyway its a duplex lot and I plan on putting up a 2 car garage with small rental, 1 bd, 1 bath, in the back and a 2 bd, 2 bath up stairs. Total heated space of 1k sw ft 2nd fl, about 450 to 500 sq ft downstairs. The two rentals should get me an ez 1600 per month, total. Got lot for 15.5k, I see some single family lots nearby went for up to 68k back in 05. Looking at total investment of about 170 to 190k. Might give me a 5 or 6% return per yr?
Any suggestions?
Oh thinking of basic framing on 1st floor and dropping two 12x40 ft modulars for the 2nd floor. Only dressing up would be a deck across the front and a screen room in the 1st floor back.
Will check on loval builders that some here have mentioned to me before. Again, most likely will use prefab units for 2nd floor.

**INXS** · 02-15-2018, 02:56 AM

Oh, local rents are about 1.4k for larger homes, nothing on market for small 1 and 2 bdrm rentals.

**XstreamVking** · 02-15-2018, 03:52 PM

I would use block for 1st floor and sticks for second. jmo....

**vnemous** · 02-15-2018, 04:23 PM

Agreed asking for termites any other way. Wouldnt even think of buying a stick house down here. JMO

**FUJIMO** · 02-15-2018, 04:43 PM

times three...

**INXS** · 02-15-2018, 06:55 PM

Would, block, make it a stronger base to sit 2 modular sections on.

Is the modular system as good as they claim?

**XstreamVking** · 02-15-2018, 07:26 PM

Block is a better base for hurricane resistance. Make it the safe room for storms. Just better all round. Use as many straps as you can on the trusses and go with either auto shutters or real hurricane glass windows. Metal roof that's screwed down is permanent. Tiles and shingles are just gonna fly off. 2x6 exterior walls and trusses up top if possible. Modular, I have no idea how they build them.

**tux974** · 02-16-2018, 06:12 AM

I would start by checking with local building department for accepted codes and requirements.
CBS construction with proper strapping is the only way to go.
Metal roof are great in longevity if installed properly by a knowledgeable and experienced roofing company.
They only thing I do not personally like about metal roofs even though they are being used more often lately is the noise with heavy rains....JMPO

**Speed Jr.** · 02-16-2018, 06:21 AM

You may want to rethink your strategy. Landlords rule of thumb is 1% to Gross per monthly basis. If your investment is 170 to 190k, than you better be getting 1700-1900 a month in rent. Doesn't mean your going to lose money, it's just that your not using your money efficiently for cash flow. Again that's a basis to start with. Depending on some areas, 2% per gross is attainable. As a landlord, the thought of getting less than 1% and having to deal with two tenants is something I would stay away from. Just some food for thought.

Jr.

**CUDA** · 02-21-2018, 09:35 PM

In Gulfport Fl. 1985 I bought a four unit Key West style two story , built in the 20's , it was built of wood BUT all the frame lumber was heart pine , don't remember any termite damage, as we striped all the interior plaster off the wood lath installed new electrical and plumbing . I've never seen heart pine for sale , must have been the way to build back then.

Down here the wind code is 170 mph 20 years ago it was 125 mph.

**XstreamVking** · 02-22-2018, 10:00 AM

That's why they used heart pine, termites can't eat it. Probably dimensional lumber too. Better than the spruce crap we have now.

**INXS** · 02-27-2018, 11:39 PM

Thanks, got delayed due to password issues, was listed under my old corporate e mail, took a while to figure it out. Anyway I see, on You Tube, that a lot of the problems come from dampness, water getting in, humid air-condensation. another big thing is keeping the slab dry, putting down plastic, under the slab. I see house wrap companies are all now switching to spray or roll on rubber type paint rather then house wrap. They claim it seals nails and staples, when lying out the wire mesh for stucco. Bottom of framing and sheathing must also be sealed. Some say a rain guard membrane must be used between stucco moisture barrier. Then I see that if you use Styrofoam spray for the walls and trusts that in very small percentages that its put on too thick and the chems never fully react, making for fumes. Anyway just saw a duplex lot a few hundred ft from my lot that had an asking price of 14.5 jump up to 30K now. Other lower priced lots are now up about 30% or more. Looks like prices are jumping back some.

**FUJIMO** · 03-01-2018, 08:37 AM

CBS - cinder block stucco - done. scratch coat on block, second finish coat - done. proven simple durability. no wood. no mesh. no paint. pigment added to stucco. done. nothing to think about.

**CUDA** · 03-01-2018, 09:34 PM

I remember driving on RT 17 into Charleston SC after hurricane Hugo 1989 and seeing concrete buildings blown apart, today block buildings down here, are built with concrete poured in vertical cells with steel tied into poured concrete and steel tie beam across the top.
I've seen houses in Naples on the beach with poured concrete roofs also $$$ covered in aluminum, steel does not cut it with salt water spray.
Been thru 4 hurricanes, never had any fear, kind of thrilling really as long as your in a well built home...
And not on the beach

**tux974** · 03-02-2018, 06:41 AM

CBS in FL is the way to go, concrete lentils, dura courses etc.
I would not put a number on what your building till you get proper and latest codes, especially for the area your working on!
Meet with at least 2 very reputable contractors/builders. Not just a general contractor, I suggest a hands on builder.
Then come up with a realistic sq ft number on what will work for you and your end result expectations! Also allow a minimum 15% factors.