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I'm thinking of buying a couple of properties to rent out in these areas - maybe also around the N. Main area - don't know the names of neighborhoods. I'm not 100% sure of what kind of tenants these areas would attract. Do young, recent grads live in these areas or do they still live with their parents? How is the rental market for 1 or 2 BR houses these days?
What type of property upkeep would you provide and/or expect? I have a long history of getting tenants kicked out when they don't meet my neighborhood's standards by allowing their place to look like crap. I go straight for the landlord first. If that fails I get the city involved. Much of Olympia is outside the city limits, and from the looks of it much of Olympia lives under a less strict code than I expect around me.
That's pretty awsome that you care enough to take action on this kind of thing. I plan on being pretty strict about noise, not allowing pets and hiring a gardener to take care of the yard. I remember my mother complaining about a house being for rent around the corner from us - that it would bring the property values down etc...
Eau Claire is North Columbia for the most part. Olympia is Olympia and Rosewood is Rosewood. I don't know of any one-bedroom houses, but two-bedroom houses rent well.
I'm thinking of buying a couple of properties to rent out in these areas - maybe also around the N. Main area - don't know the names of neighborhoods. I'm not 100% sure of what kind of tenants these areas would attract. Do young, recent grads live in these areas or do they still live with their parents? How is the rental market for 1 or 2 BR houses these days?
From what I have seen.. More college/recent grads live more in the Rosewood/Olympia area than the North Main (Eau Claire) sections. Rosewood/Olympia is closer to USC and its easy to walk and bike to places like the Vista and Five Points. Additionally, more and more housing for college students is going up in the Rosewood/Olympia area which may make it more desirable certainly for students and maybe some recent Grads.. Eau Claire.. particuliarly Cottontown, Earlewood Park, Elmwood and such that are just north of downtown may appeal more to first time home buyers/ married-shacking up college grads that are looking to be close to downtown but not live in all of the action associated with town and gown neighborhoods. The real estate in these areas also is somewhat more expensive for an investment property.. while there are still quite a few bungalows and such in the Rosewood area that could be purchased for "reasonable" amount.
Another area you may want to consider that may be a good investment community would be Waverly, Lower Waverly (MLK Park section closer to Five Points), and for more long term... Colonial Heights.. which is near the Richland Memorial hospital. Colonial Heights is very affordable right now for investors and you can capitalize on its proxmity to the hospital and to the proposed Bull Street Development that will likely develop over the next five to ten years....
Thanks for your answer. I'll probably come into town in a month or so and check things out.
I was raised in Columbia, and don't remember the names of neighborhoods at all. I was there earlier this year and took a rather sad trip down memory lane. I fondly remember a bustling Saturday afternoon on Main Street - buying a special new coat at Tott's to Teens to sing in the Governor's Carolighting, eating steaks and cornbread at Tapp's and sitting on the bar stools in Kress (is that right?) I was really bummed to see Main Street now. I have been pleased to read about the "revitalization" of the downtown area - even if I didn't see it first hand.
I really don't understand why people bust their butts and take out huge mortgages for these awful cookie cutter homes when there are such beautiful and cheaper houses "downtown".
Thanks for your answer. I'll probably come into town in a month or so and check things out.
I was raised in Columbia, and don't remember the names of neighborhoods at all. I was there earlier this year and took a rather sad trip down memory lane. I fondly remember a bustling Saturday afternoon on Main Street - buying a special new coat at Tott's to Teens to sing in the Governor's Carolighting, eating steaks and cornbread at Tapp's and sitting on the bar stools in Kress (is that right?) I was really bummed to see Main Street now. I have been pleased to read about the "revitalization" of the downtown area - even if I didn't see it first hand.
I really don't understand why people bust their butts and take out huge mortgages for these awful cookie cutter homes when there are such beautiful and cheaper houses "downtown".
Thanks again
Within a more recent context than when you grew up here, Main Street is definitely starting to hum.
Where are you coming in from? It's a good idea if you buy rental properties to keep them close in proximity to where you live. I'd stick with Rosewood for rentals. Will you be financing or paying cash? If you're financing there are some challenges you need to be aware of in both getting the loan and getting a property that the rent covers your payments including the higher tax rate you'll be paying.
I know that it's best to invest close to home, but in this case it's not possible. We're currently experiencing a bubble that has doubled prices in the last 4 years, causing a 1BR apartment to cost around 300K. For our budget, we could buy 2 or 3 houses because of the low exchange rate.
We're paying cash, and keeping x amount in reserves for maintenance, plus we don't plan on using the income right now.
I know it won't be problem free - but there's no reward without risk, right?
I know that it's best to invest close to home, but in this case it's not possible. We're currently experiencing a bubble that has doubled prices in the last 4 years, causing a 1BR apartment to cost around 300K. For our budget, we could buy 2 or 3 houses because of the low exchange rate.
We're paying cash, and keeping x amount in reserves for maintenance, plus we don't plan on using the income right now.
I know it won't be problem free - but there's no reward without risk, right?
Then you'll be fine. Your best deals will be the cosmetically challenged homes that you get below market and fix up a little cheaply to rent out. Make sure you get 3 BR/2 BA single family dwellings as they'll be the easiest to rent a resell. I'd stick to Rosewood area over the others you mentioned.
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