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Old 01-05-2008, 02:44 PM
 
4 posts, read 13,915 times
Reputation: 10

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Hi All,
We are in the process of buying a house in the Mississippi area that we are planning on renting out for the next 3 years or so. Then we plan to restore it and then live in it. The house is a 4 bedroom 2 bath, 1800sq.ft, not including the unfinished basement, 2 car garage. It is updated throughout, but lacking its Victorian charm. It was on the market for $380k and we are getting it for $325k. We would like to know if this is a good investment. Is the Mississippi area really all that up and coming?
Thanks
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Old 01-05-2008, 03:12 PM
 
Location: NW Montana
6,259 posts, read 14,670,675 times
Reputation: 3460
Quote:
Originally Posted by milesta View Post
Hi All,
We are in the process of buying a house in the Mississippi area that we are planning on renting out for the next 3 years or so. Then we plan to restore it and then live in it. The house is a 4 bedroom 2 bath, 1800sq.ft, not including the unfinished basement, 2 car garage. It is updated throughout, but lacking its Victorian charm. It was on the market for $380k and we are getting it for $325k. We would like to know if this is a good investment. Is the Mississippi area really all that up and coming?
Thanks
? what will you be asking for in rent? Will you have a local PM to care for it? There are some nice old homes in the area, size wise per sq ft looks like you are on the medium price range, good luck, oh i am NOT a relator, a person with investment property.
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Old 01-05-2008, 06:24 PM
 
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Yes! Mississippi is a great area with some of the best restaurants in the city!
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Old 01-05-2008, 10:07 PM
 
4 posts, read 13,915 times
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Not sure about the rent. Our realtor was thinking we could get $1500? We looked up on the Portland police stats and it shows quite a bit of crime in that area. Any thoughts?
T
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Old 01-05-2008, 10:39 PM
 
2,430 posts, read 6,628,121 times
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Look at some of the Mississippi listings on Craigslist. I'm sure you could get $1500 but where is it exactly? There IS a fair amount of crime but the Mississippi strip has great restaurants and stores and is very popular as an up and coming (i.e. will some day probably be very yuppie) place.
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Old 01-06-2008, 04:38 AM
 
Location: NW Montana
6,259 posts, read 14,670,675 times
Reputation: 3460
Quote:
Originally Posted by milesta View Post
Not sure about the rent. Our realtor was thinking we could get $1500? We looked up on the Portland police stats and it shows quite a bit of crime in that area. Any thoughts?
T
I usually get a zinger if I mention much about a negativebut this is one of the last areas to get on the portland reclaim bandwagon. Portland is becoming a good size city with all the problems you would find. This area is pushing out the old and bringing in the new. This is the reason I asked about your onsite PM situation. You will need a hands on person to look after your interest,
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Old 01-06-2008, 01:20 PM
 
4 posts, read 13,915 times
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We will have a property manager and we will be putting in a secutity system. The house is a block off the strip in the heart of the restaurant area.
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Old 01-06-2008, 04:54 PM
 
Location: NW Montana
6,259 posts, read 14,670,675 times
Reputation: 3460
Quote:
Originally Posted by milesta View Post
We will have a property manager and we will be putting in a secutity system. The house is a block off the strip in the heart of the restaurant area.
Hey great!
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Old 01-07-2008, 05:32 PM
 
2,430 posts, read 6,628,121 times
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If it's a block off of the strip I can't imagine that it won't be snapped up for $1500!!
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Old 01-16-2008, 11:26 PM
 
Location: Oregon
97 posts, read 503,861 times
Reputation: 76
Default Gentrification big time

You could call Mississippi Ave "ground zero" for gentrification. The black population has been removed as a result. You should like living there if you do NOT like diversity. Good luck on your move.
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