Cash flow neutral on St. George Island???
How long has it been since you could find an investment property to buy on St. George Island with rental income that would even come close to covering your fixed expenses, operating expenses *and* mortgage??
I can tell you, it's been a while.
One of my listings sold mid- last year that qualified. A sale price of $660K, bringing in $72K in GRI (gross rental income). Heck yeah!! It was a short sale, so was a bear to get through the system, but the seller had done just an exquisite job managing the property herself, and beefed up the income to make it a very attractive investment.
It was definitely worth the struggle through the short sale for this buyer.
There is nothing like marketing your own property, if you enjoy it and have that talent - absolutely no one can promote your rental property like you can. We do have several excellent professional management companies on St. George Island, too, and I have links to them on this website, under "Business Links" above.
One if them is currently managing this property shown at right, listed for sale by another brokerage in this area. This seller just reduced his asking price to $899K, and they report that it brought in $91K+ in GRI in both 2007 and 2008 - that's a great track record.
It is a short sale, so again, you would need to be patient, but take a look - this one is worth a second and third look on cash flow, I'm telling you...
Email me for more information.