Herndon housing market & immigration (Fairfax: short sale, real estate, city hall)

[kkc328]

[SIZE=2] We are looking to buy an awesome house in Herndon. It needs some cosmetic work inside and out, but we think once that's done, we could see a large return on the house. The issue is the house is just a mile or so from the 7-Eleven on Elden St. I've heard there is a lot of loitering, day laborers, and crime in this area. We aren't familiar with Herndon so can anyone tell me about this area? Is it a "wise" investment to flip a house near this area? Is crime still increasing in the downtown area?[/SIZE]

[normie]

Herndon's not bad, and real estate in Herndon can be a good investment, IMO. As in all investments, it depends on the specific property and the specific investor.

BUT.... seriously, you want to know what is a bad idea? Asking strangers on the internet if you should buy a house in an area that you aren't familiar with. Not to mention basing a decision on a nearby 7-11. I only buy properties in places I know like the back of my hand, and the way to get to know a town is to talk to realtors, city hall officials, and other people with reliable information. Not strangers on the internet. Who are we to tell you if "it's a wise investment to flip a house near this area?"

[v2009]

One of our investment houses is right there on Magnolia Ln. The rent not only covers our 20yr mortgage, but also brings $180 extra each month.
I would look at the sold data on that area - see how much similar houses in great condition got sold for, and how many days it took. In some areas you may see that same address was bought and sold within one year, some neigborhoods have several "flippers" like that.
Basically ask your realtor to send you all the sold and rented data for the last year or so, and just analyze the numbers, pictures, remarks, etc.
I've done that for my clients, and it takes a lot of research to find a profitable property.

As for the crime, our tenant had someone brake into the house the next day he moved in, so now we pay for electronic security. That was about four years ago.

Visit as many properties as you can before making a decision, and before making an offer, bring along a contractor to estimate how much it will cost to fix everything.

[Information Bloodhound]

Make sure your realtor knows the area your looking in and don't just read the comments, you need detailed pictures too. In the world of REO and Short Sale many of the properties are in a condition that is more than "just cosmetic" even if they aren't marketed that way. Outside of that, one of the best tools in this area is Fairfax County's Digital Map Viewer Digital Map Viewer - Fairfax County GIS & Mapping Department it has all types of map based records for items you might not even think about.

[NatureCoastFL]

Obviously you need to take everything you read on the internet with a grain of salt. But I would agree that just listening to a few posts here is no way to make an investment decision. But its a way to start researching and getting ideas on what to look for. Fact - that 7-11 does have lots of folks standing around looking for work. Does it lead to high crime, I dont know, have not been here long enough yet. Would it turn off prospective buyers if they drove down eldren? possibly. And make sure to get a good through home inspection, as the house we are renting looks good on the outside, but I would never buy it as its a money pit waiting to happen.

[scimitar12]

Good advice from everyone. One of the best ways to gt a feel for the neighborhoold is to walk it; several times. Our old realtor we had some time ago said that you are not just buying a house, you are buying the neighborhood. Granted you may want to sell the place at some point soon, but is the neighborhood the place you want to call home in the meantime?

[cdmurphy]

A mile from the 7-11 just about covers all of the Town of Herndon. I don't think that's a good reference for crime in the specific area of your intended purchase.

[South Jersey Styx]

1 mile from that 7-11 in Herndon could be anyplace. You didn't mention if the house is 1mile N, S, E, or W of the 7-11. The neighborhoods vary. I agree that you should take and definitely walk the neighborhood especially late on Friday and Saturday nights.

Otherwise, if the neighborhood is satisfactory and you're not buying a money pit, seems like a good investment. Good luck!

[Margery]

My advice to a buyer has always been "walk the neighborhood" especially on weekends, and talk to the potential neighbors. I did a map search from the corner of Herndon Parkway and Elden Street, 1 mile radius, and found 31 active listings. The prices range from $227,700 to $799,777 so you can see how difficult it is to answer what the neighborhood is like one mile from the 7-11.