Living large on the water for less
Living large on the water for less
The Campbell's plan to rent out their Marco Island, Fla. home until they are ready to move in.
Name: Pat and Lisa Campbell
Where they bought: Marco Island, Fla.
Ages: 50 and 46
Price they paid: $510,000

Pat Campbell and his wife, Lisa, weren't planning to retire for at least a decade, but when they saw a contemporary ranch house with its own dock and a pool on South Florida's Marco Island, they knew they had found the place they were going to spend their golden years.

The four-bedroom, 2,100-square-foot home's value had come down significantly since the housing boom. In 2007, real estate website Zillow valued the home at nearly $1 million. The Campbell's paid half that amount. Not only that, but the couple landed a 30-year fixed mortgage with an attractive 4.62% rate.

With two kids in high school, however, the Campbells won't be quitting their jobs and moving in anytime soon. Instead, they plan to rent out the place for a month or so at a time. They'll also use it for their own vacations.

Renting it out will require active management, though -- booking time with guests, hiring cleaning services and maintenance workers. Pat has a simple solution for the problem: "My wife is going to handle all that," he said.


Last updated September 19 2011: 8:01 AM ET
25 Best Places to Retire

Each of these towns offers amenities galore for the post-work crowd -- plus a cost of living that's pretty darn sweet.

Find Homes for sale
  • Property Type
  • Find a home in:
    New York | Atlanta | Chicago | Los Angeles
    Washington D.C | Houston | Philadelphia | More options
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.