3) Cape Coral, Florida
Another city in the Sunshine State is Cape Coral. Located on the southwest coast of Florida, this city is a great place to snatch up an investment property. Gulf coast Florida is prime real estate territory; however, you can scoop up an average property for roughly $219,000. If that sounds steep, weigh it against the average rental price of $1,600/month. Interestingly, Cape Coral sees the Florida state 5-year property appreciation rate of 10% and raises it an additional 1.7%. This makes Cape Coral a very safe bet in terms of profitability. Even though retirees are flocking here, you still have plenty of opportunity to rent your place to short-term vacationers. Cape Coral, known as a boaters’ paradise, has 400 miles of canals winding around and through the area. You can even reach the Gulf of Mexico. With all those waterways, affordable waterfront property is abundant.
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