Rental in Parkside/Bayside... great unit, no parking? (Portland: sale, real estate)

[pink bungalow]

Hi,
I am considering purchasing a unique, cool loft style condo just around the corner from the Eastland. Many years ago I rented in that neighborhood and rarely had a problem with street parking except during snow bans. The unit I am looking at has some wonderful features, including a large deck overlooking back cove. It does not have any off-street parking. For me personally this isn't a dealbreaker - but I'd love to hear other's thoughts about this if I plan to rent it out long term for the next few years.

There are lots nearby where you can pay month-to-month... I do not know about availability of spots or prices. There are parking garages for snow bans etc.

Is no off street parking going to make it difficult to rent this unit? It has a lot of charm, it's fairly large, so it has a lot going for it... but I'd love to hear some opinions.

thanks!

[lrfox]

Personally? No problem. I only had off-street parking one time when I lived in Portland (West End, Grant Street and St. John's Valley were our three neighborhoods). It didn't make a difference. In fact, parking on the street was just as easy as off-street parking for us. Our apartment's driveway had to be plowed when it snowed so our landlord always asked us to move when he thought the plow would come. It never came when it was supposed to so we spent a lot of time worrying about parking elsewhere temporarily. Parking was never hard to find on the street (except for a few spots downtown) and when a parking ban went into effect, you just dropped it off at the lot (never more than a few blocks away) and picked it up in the AM.

My inclination is to say that anyone looking for a rental in the central residential neighborhoods like Parkside, West End, Bayside and Munjoy Hill should expect that off-street parking will be a rarer commodity. It's not as if your unit will be the only one in the area with that situation. Off-street parking would be a plus; but not having it shouldn't set you back.

The hardest thing to overcome with that location will be the "stigma" that comes the Parkside and Bayside names. For some reason there are those who believe that those neighborhoods are "dangerous." I know they're not as pretty as the West End, but calling them "dangerous" is a stretch. I remember my girlfriend's mother getting all up in arms about us moving to Grant Street. "Someone got stabbed there last year!!!!" was what she told us as if we were clearly next in line. Needless to say, nothing ever happened. Never once was either of us even uncomfortable. Justified or not, I think you'll find the names of the neighborhood to be more of a negative in the minds of potential tenants than the parking situation.

[pink bungalow]

thanks for you thoughts. I'm not sure how long that neighborhood has been called 'Parkside'... It didn't have a name when I lived there :-)

It is funny what is considered 'dangerous' in Portland. After having lived in other cities I don't think I'd feel uncomfortable in that neighborhood at all, but I guess I won't use the neighborhood name when advertising. I've spent a lot of time in Portland since attending USM in the '80s. I've often walked home, or to friends houses late at night after leaving the old port without giving it a second thought, and never had any problem.

My experience back then with parking was the same as yours - and it doesn't seem like it should have changed much since the neighborhood hasn't changed much. And good point that many apartments in those neighborhoods don't have parking.

[WhoFanMe]

I can't think of any buyers I've worked with that were willing to buy a unit without off street parking of some sort, you may not need it but it could be a difficult sale when you are ready to move on. Make sure your real estate agent does a market analsysis of the unit without parking vs. a similar unit with parking.

Since you are purchasing it as investment property, I'm sure you know that you need a considerably larger down payment than if you were an owner occupier and at a higher interest rate.

[pink bungalow]

Thanks WhoFanMe. There are a number of lots nearby where you can pay monthly, and I may just rent one and include it in the price of the rent. It's a cash sale, so the interest rate isn't an issue, but I appreciate the thought!

[WhoFanMe]

That will help the renter/buyer see value in your unit. Obviously not as much as on site and/or covered parking, but better than taking your chances and fighting the snow parking bans.