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Old 09-17-2007, 11:35 PM
 
57 posts, read 146,985 times
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Can anyone give me suggestions on neighborhoods that would be good to buy rental property in? I'm looking for places with potential for good appreciation and the ability to attract good tenants. I'm planning to hold the property for a long time. I want as good a neighborhood as I can afford but don't mind if its one thats still coming up. I like undervalued neighborhoods. Thanks.
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Old 09-18-2007, 07:06 AM
 
Location: Charlotte
12,642 posts, read 15,531,729 times
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There are a few unique strategies that one can employ when it comes to rental investment properties.

Last edited by mm34b; 09-18-2007 at 11:31 AM.. Reason: Edited to comply with the Terms of Service - Goods & services
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Old 09-18-2007, 09:54 AM
 
Location: Up above the world so high!
45,218 posts, read 100,302,796 times
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Quote:
Originally Posted by loves2quilt View Post
Can anyone give me suggestions on neighborhoods that would be good to buy rental property in? I'm looking for places with potential for good appreciation and the ability to attract good tenants. I'm planning to hold the property for a long time. I want as good a neighborhood as I can afford but don't mind if its one thats still coming up. I like undervalued neighborhoods. Thanks.
How much can you afford to spend?
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Old 09-18-2007, 11:26 AM
 
Location: Mooresville, NC
170 posts, read 641,523 times
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Quote:
Originally Posted by loves2quilt View Post
Can anyone give me suggestions on neighborhoods that would be good to buy rental property in? I'm looking for places with potential for good appreciation and the ability to attract good tenants. I'm planning to hold the property for a long time. I want as good a neighborhood as I can afford but don't mind if its one thats still coming up. I like undervalued neighborhoods. Thanks.
It depends on your price range...and where you are looking.

I work with one investor and he's done very well in one of the neighborhoods, as far as appreciation goes, good tenants, decent neigbhorhood.

Last edited by mm34b; 09-18-2007 at 11:30 AM.. Reason: Edited to comply with the Terms of Service - Realty
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Old 09-18-2007, 02:02 PM
 
57 posts, read 146,985 times
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Default Good neigborhoods for buying rental properties?

I'm loosely thinking 225k or under. I want the rent to atleast cover the mortgage but immediate cash flow isn't a huge deal if there is good appreciation happening (and rents likely to go up). Where I get stuck is that I don't have a good grasp on what rents are in various areas or a sense of what kind of movement is going on in those areas. I'm hoping to move to Charlotte early next year. I have several rentals now in my home city that I manage myself. Its worked really well here for me to buy in neighborhoods that were getting better but hadn't quite popped yet. None of them were high crime neighborhoods. At the same time, if I could afford a more established neighborhood where people want to be(thus easier to rent), I'd love to buy there. Thanks for the input.
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Old 09-18-2007, 02:08 PM
 
Location: Mooresville, NC
170 posts, read 641,523 times
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Quote:
Originally Posted by loves2quilt View Post
I'm loosely thinking 225k or under. I want the rent to atleast cover the mortgage but immediate cash flow isn't a huge deal if there is good appreciation happening (and rents likely to go up). Where I get stuck is that I don't have a good grasp on what rents are in various areas or a sense of what kind of movement is going on in those areas. I'm hoping to move to Charlotte early next year. I have several rentals now in my home city that I manage myself. Its worked really well here for me to buy in neighborhoods that were getting better but hadn't quite popped yet. None of them were high crime neighborhoods. At the same time, if I could afford a more established neighborhood where people want to be(thus easier to rent), I'd love to buy there. Thanks for the input.
I like Huntersville, Cornelius and Mooresville...

Try Heritage Green in Cornelius, Alexander Chase in Cornelius, Oakhurst in Cornelius, Water Oak in Mooresville, Monteith Place and Monteith Park in Huntersville...

You will find things in your range, good neighborhoods, safe, good tenants, good investments.

Let me know if you need anymore information!
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Old 09-18-2007, 03:26 PM
 
Location: Fort Mill, SC (Charlotte 'burb)
4,729 posts, read 19,359,070 times
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Two words: Plaza Midwood.
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Old 09-18-2007, 03:54 PM
 
Location: Up above the world so high!
45,218 posts, read 100,302,796 times
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Quote:
Originally Posted by groove1 View Post
Two words: Plaza Midwood.
Groove, while I agree Plaza Midwood is a great place to own property - you cannot buy a home in the op's price range without it needing some major work. Somehow I don't think that is what our op has in mind. Though I do also recommend to them to consider buying as close to uptown as possible for the best investment (and appreciation). Homes in areas like Huntersville or Steele Creek might be in the right price range, but they don't command the highest rents and are a dime a dozen these days.
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Old 09-21-2007, 01:46 PM
 
57 posts, read 146,985 times
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thanks folks, can you give me an idea of where near the city to look?
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Old 09-21-2007, 02:02 PM
 
Location: Up above the world so high!
45,218 posts, read 100,302,796 times
Reputation: 40194
Quote:
Originally Posted by loves2quilt View Post
thanks folks, can you give me an idea of where near the city to look?
I like Oakhurst. It is the neighborhood adjacent to Cotswold, 10 minutes to uptown and just poised to be one of the next "big things". Plus, it's relatively safe for such a close in neighborhood.
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