Rent-to-Own Property Location Requirements
Eligible and Non-Eligible Location of Property:
- Rent with the option to buy Properties must be located in an approved community.
- Investor wants to purchase homes in neighborhood communities within close proximity to metropolitan centers of activity.
- Investor will not purchase homes located within close proximity to structures that could impair future appraisable value including industrial buildings, on high traffic roads, near railroad tracks, or airport runways.
- Homes within a 100-year flood zone do not qualify except in Florida where a base flood elevation difference of -1.5 or higher is allowed. To identify the Elevation Variance between the first floor of the house and the Base Flood Elevation. To determine this, subtract the measurement of the Base Flood Elevation from the top of Bottom Floor. If the variance is less than -1.50, Investor will not consider the home.
- Investor will not consider homes in subdivisions or new construction phases that are less than 50% complete.
- Investor will not consider properties with tax rates including special service/community development district fees greater than 4% of the property’s value.