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
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