Florida remains a real estate investment powerhouse, with its seemingly unstoppable demand, strong economy, and status as a retirement, second home, and tourism market.
Investors who want a piece of the action in this dynamic state must do their research, have a network of real estate pros, and act fast.
In this article, we’ll look at the top five Florida cities for profitable house flips in 2024—and your best options for financing the project.
Start your application with Park Place Finance.Why Florida is a great market for house flipping
There’s no shortage of house-flipping opportunities in the state of Florida.
Let’s dig into the major reasons investors can succeed in this dynamic market.
Consistently strong demand
Florida is a destination for permanent, seasonal, and year-round vacationers, creating a continual need for a range of housing options.
Florida’s market sets the stage for profitable house-flipping opportunities at every turn, from young families and professionals to retirees, students, and tourists.
Residents and visitors alike are attracted to the state’s natural beauty, warm climate, and diverse culture.
Florida’s lack of a state income tax is also a draw for new residents and businesses.
Potential for appreciation
Florida’s major cities and smaller cities are experiencing a significant appreciation in property values.
Major cities enjoy this appreciation due to their economic growth, infrastructure improvements, and tourism, while smaller cities benefit from those escaping urban living.
Of course, widespread appreciation means the potential for higher profits for house flippers.
Diverse range of flipping opportunities
Florida’s real estate market demands properties that suit every need, from modest family homes to modern condos, charming historic homes, and luxury waterfront properties.
This variety allows house flippers to choose projects based on their interests, expertise and desired level of restoration or renovation.
Investors also can choose specific projects and neighborhoods based on their target demographics.
Top 5 cities for house flipping in Florida
Before we discuss the top five cities, it’s important to note that there is no wrong city to invest in when it comes to fix-and-flip investments.
You can find profitable flips in any location if you perform your due diligence, set a realistic budget, and leverage local expertise.
However, these five cities (and our bonus pick) are known for their diverse economies with growing industries, rapid and consistent population growth, strong rental markets, and high quality of life.
1. Tampa
Tampa’s robust economy is supported by several Fortune 500 companies and various industries, including technology, finance, health care, and education.
As a result, there’s a consistent need for workers to have housing.
In Tampa, mid-range family homes and upscale properties in waterfront locations are popular flipping projects, appealing to local buyers and those relocating from out of state.
The average rent in Tampa is $1,607 per month.
2. Orlando
Orlando attracts millions of visitors annually to Walt Disney World and Universal Studios.
Alongside the city’s tourism industry, its population is rapidly growing thanks to the entertainment, tech, and healthcare sectors.
Flippers often focus on single-family homes that can serve both the residential and vacation rental markets and townhouses that appeal to small families and professionals.
The average rent in Orlando is $1,563 per month.
3. Jacksonville
Jacksonville is the largest city by area in the contiguous U.S., meaning that Florida is a huge market with diverse neighborhoods.
The city’s housing market includes both luxury and more affordable housing, so house flippers are sure to find one or multiple properties that work with their budget and goals.
Successful flips might involve updating older, historic homes in established neighborhoods or renovating more recent constructions in growing areas to cater to middle-income families.
The average rent in Jacksonville is $1,289 per month.
4. St. Petersburg
St. Petersburg is part of the Tampa Bay metro area, home to a vibrant community and arts scene.
The city’s growth is partially thanks to retirees and young professionals attracted to a coastal lifestyle.
Flipping projects might include modernizing mid-century homes or renovating condos and small homes, which appeal to those who desire lower-maintenance living.
The average rent in St. Petersburg is $1,691 per month.
5. Miami
As a hub for international buyers and high-net-worth individuals, Miami is the ultimate luxury market.
It’s a high-stakes but high-rewards market, bringing unique challenges and success for the right investors.
Miami’s most lucrative fix-and-flips involve high-end renovations in prestigious neighborhoods or revitalizing older properties in up-and-coming areas.
The average rent in Miami is $2,083 per month.
Bonus pick: Pensacola
Pensacola is a popular tourist destination with beautiful Gulf Coast beaches and historic charm.
The city also has a significant military presence from the Naval Air Station Pensacola, creating consistent housing demand from military members and their families.
Pensacola is more affordable than most other Florida cities on this list, which can help investors earn a higher profit margin on flips.
Historic homes, beachfront properties, and family homes near military bases can make excellent flip options for investors, with long-term and short-term rental opportunities depending on your goals.
The average rent in Pensacola is $1,310 per month.
Finance your flip with Park Place Finance
How do you plan to finance your next Florida flip?
Park Place Finance has the solutions you need to maximize your investment.
Our signature fix-and-flip loan product gives investors the funds to purchase and renovate, refinance and renovate, purchase and flip, or purchase and hold your next Florida property.
Park Place Finance is your trusted hard money lender, with in-house capital, fast closings, and competitive rates for all loan products.
Complete our brief online form or call us at (866) 407-1599 to speak with an Account Executive.