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Indiana foreclosure laws are insane in terms of how long the house stays in foreclosure. Very very VERY long time so prices drop the longer a house sits. 65k foreclosure price in the area I'm in (there is a foreclosure recently released back on the market going for that price) was probably in and around 115-120k built from the ground up a few years ago. Nothing structurally wrong with the house as far as anyone can see, unless the occupants just tore up the inside.
Buying a foreclosure and renting same foreclosure aren't the same. Not every foreclosure is in mass disrepair or in a bad neighborhood. Indianapolis outer townships are subdivision heavy which is where a lot of foreclosures happened when the market tanked. Nice neighborhoods, nice neighbors, etc. owner just couldn't hang on due to lack of job, etc. Rental market for those (as long as HOA covenants allow) is good even though the investor bought the house for cheap.
I don't doubt that price. I've seen foreclosures in that range that looked perfectly decent (from the outside at least), and cosmetic issues I can deal with myself. I'm just trying to avoid structural issues which is why most of what I've looked at was built more recently. What I was mostly curious about was the rental rate you mentioned, seems very high.
99% is a major stretch and fudging of the numbers there. 2011 Downtown CBus occupancy averaged 93.1%, jumping 7% in what a year/year and a half is not likely as the population has stayed around the 3k people range until new units come online (downtown only, not including German Village, Short North where there has always been a higher demand than downtown Columbus). According to Reis Inc. occupancy rate is 95.5%. 95% is ideal with anything above that showing there is demand. That 99% would literally mean it's the hottest market in the US, it isn't. In contrast, downtown Cleveland is 95%, Downtown Pittsburgh average year over year was 95.9% (Source: State of downtown Pittsburgh annual Report), Indy 96.5% year over year (Source: Indydt State of downtown report) and Cincy is over 95% (CBD + OTR) per their annual downtown report. Both reports for Indy and PBG released within the last couple of months as many cities release their annual reports. Surprisingly, not one for Columbus that was easy to find.
Not saying it's not true, just saying it's well highly unlikely and falls along the lines of its competitor cities. CBD population, CBus is the smallest followed by Cincy (13k if you added OTR), PBG at 7600+, Cle at 13k and Indy (minus jail population) 17k. Adding Short North and GV of course adds to CBus population figures just like adding OTR to Cincy.
All of these locales have waiting lists for housing within the CBD.
From what I know, which is admittedly not much, 95% is pretty healthy (relatively speaking). Doesn't seem to be much variation here.
What's CBD? Looked it up and got a bunch of results about marijuana. Wild guess, core business district? Something about downtown I'm assuming.
Let me also clarify one thing - I am looking to get in relatively cheap, small stakes. A neighborhood that is completing gentrification is not going to work for me. It depends, but chances are I will wind up in the suburbs or more suburban area of the city.
By cheap I don't mean a run down fixer upper or a crappy neighborhood. Something decent. But most likely, I won't go right downtown unless I find a very compelling reason to do so. The money is not a problem, so I'm open to options here, but generally I'd rather go slow and steady than buy in the "hottest" neighborhood, being a beginner and all. A foreclosure under $100K in decent condition is probably my ideal first property.
But the general consensus (excluding the Pittsburgh comment) is that there's really not that much difference between these places.
Let me also clarify one thing - I am looking to get in relatively cheap, small stakes. A neighborhood that is completing gentrification is not going to work for me. It depends, but chances are I will wind up in the suburbs or more suburban area of the city.
By cheap I don't mean a run down fixer upper or a crappy neighborhood. Something decent. But most likely, I won't go right downtown unless I find a very compelling reason to do so. The money is not a problem, so I'm open to options here, but generally I'd rather go slow and steady than buy in the "hottest" neighborhood, being a beginner and all. A foreclosure under $100K in decent condition is probably my ideal first property.
But the general consensus (excluding the Pittsburgh comment) is that there's really not that much difference between these places.
May have much better odd's of finding that up this way in Michigan. I was thinking of doing a similar thing myself in this area where everything is dirt cheap still but probably not for long with all the new jobs, revitalized downtown and everything else happening. This community was basically ravaged by the bad economy etc and thus a ton of steals.
I suspect you are gonna have a very hard time finding what you are looking for in larger cities.
May have much better odd's of finding that up this way in Michigan. I was thinking of doing a similar thing myself in this area where everything is dirt cheap still but probably not for long with all the new jobs, revitalized downtown and everything else happening. This community was basically ravaged by the bad economy etc and thus a ton of steals.
I suspect you are gonna have a very hard time finding what you are looking for in larger cities.
I don't know about that. Downtown, yeah, but suburbs, or even the more suburban areas of these cities I've found quite a bit in that range just by browsing Zillow.
Where in Michigan?
Problem is I'd like to be local and outside of those larger cities there's not much work for me as an IT contractor. Along with all of the other amenities provided by larger cities that are good for me personally.
Trust me I know the deal - I'm staying away from the coasts and all (I'm from DC, and I am flat out leaving in order to do this), trying to keep it reasonable, but I can't go too far.
I don't know about that. Downtown, yeah, but suburbs, or even the more suburban areas of these cities I've found quite a bit in that range just by browsing Zillow.
Where in Michigan?
Problem is I'd like to be local and outside of those larger cities there's not much work for me as an IT contractor. Along with all of the other amenities provided by larger cities that are good for me personally.
Trust me I know the deal - I'm staying away from the coasts and all (I'm from DC, and I am flat out leaving in order to do this), trying to keep it reasonable, but I can't go too far.
I can tell you all about Jacksonville, FL if you like. You've just missed the boat on a couple gentrifying neighborhoods that are likely out of your price range now, but there's still some possibilities in the area.
Quote:
Originally Posted by sp377
What's CBD? Looked it up and got a bunch of results about marijuana. Wild guess, core business district? Something about downtown I'm assuming.
I can tell you all about Jacksonville, FL if you like. You've just missed the boat on a couple gentrifying neighborhoods that are likely out of your price range now, but there's still some possibilities in the area.
It is much appreciated but I've ruled out most of that region. Probably not somewhere I'd want to live and the closer I am to DC and NY the better for business. I'd have to really fall in love with a place to go that far and I'm not a big fan of Florida in general.
Quote:
Originally Posted by projectmaximus
Yeah, real close. It's Central Business District.
Got it, thanks!
Quote:
Originally Posted by msamhunter
To the columbus cheerleader who left the comment on a rep because your to scared to leave your name man the &*%$ up and say what you have to say in the open!
This here where i am is a small city and thus Battle Creek. I doubt it is close to the size of a city you would prefer being in or near.
I had looked into Grand Rapids but with size plus distance plus cold ass weather it'd really have to blow me away for me to move up there. I think at this point I'm pretty settled on this region (after a 1+ month road trip and seeing about 20 cities all over the country).
Out of practically every mid to large metro east of and including TX my best initial impressions have been in Indy, Columbus, and Cincinnati (just got here today). I must have eastern midwestern ancestry.
Do any of these cities have light rail? Light rail, transportation is the biggest knock I have for Columbus.
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