East Mesa Homes for Rental (Chandler, Gilbert: renters, low crime, houses) - Phoenix area - Arizona (AZ) - City-Data Forum

Home Addict · 07-21-2011, 11:46 AM

I am an out-of-state investor. It looks like the East Mesa area near Red Mountain District Park have homes that could provide good ROI. I would like to solicit opinions on the neighborhood and rentability of the area.

(Unfortunately I was in Gilbert/Chandler area last time I visited, and did not pass by this area)

There are two homes I am looking at in Moondance and Dreamland Villa subdivisions, respectively. If anybody has any opinions, I'd appreciate them. Thanks!

Captain Bill · 07-21-2011, 07:04 PM

Moondance is ok.

Almost any home today will provide a good ROI

Dreamland Villa is a unique age 55+ retirement community with block homes built in the 70's. It is a very friendly community. Most of Dreamland is in a Maricopa county island (which has not been annexed into the city of Mesa) and is served by the Maricopa County Sherriff. They have a sub station right there, so the area is known to be very safe.

I like the area, but would not buy a home in there for a rental unless I plan to rent it furnished seasonally to snowbirds.

Home Addict · 07-21-2011, 11:55 PM

Thanks for the info. Since we are from out-of-state, it really doesn't really matter to us where we purchase the rental property.

We started from Gilbert late last year, but lost out on a couple of homes due to multiple bids. We then started looking into Chandler, then to Mesa. What areas in these cities would appeal to would-be renters? We looked into these subdivisions (Fox Crossing and Cooper Common in Chandler, and Power Ranch in Gilbert), but frankly they are a good 20-40% higher than the Mesa neighborhoods aforementioned.

Jkgourmet · 07-22-2011, 04:29 AM

Quote:

Originally Posted by Home Addict

Thanks for the info. Since we are from out-of-state, it really doesn't really matter to us where we purchase the rental property.

We started from Gilbert late last year, but lost out on a couple of homes due to multiple bids. We then started looking into Chandler, then to Mesa. What areas in these cities would appeal to would-be renters? We looked into these subdivisions (Fox Crossing and Cooper Common in Chandler, and Power Ranch in Gilbert), but frankly they are a good 20-40% higher than the Mesa neighborhoods aforementioned.

I suspect you already know this, but the subdivisions you mention in Gilbert and Chandler are both MUCH newer than the two Mesa subdivisions you mention. I don't think they are comparable. As an investor, that may not matter to you, but as a tenant, it will.

There are many subdivisions in east Mesa that ARE comparable to what you've seen i'n Chandler and Gilbert - but at comparable prices, too.

Captain Bill · 07-22-2011, 05:26 AM

If it doesn't matter to you where you buy, then you don't need any recommendations.

However, we're trying to tell you that as an investor we think it should matter where you buy. The communities are going to determine the type of tenant for that market. I'm an investor and location is primary for me.

As I mentioned, Dreamland Villa is a nice older community with pride of ownership apparent throughout the community. However, it can only attract age 55+, and for renters it will be mostly seasonal. Seniors don't usually rent on an annual basis. So if you want to rent furnished seasonal units, then that may be a place to buy.

If you buy where there are older much cheaper houses, then the rent is going to be less, and the tenant type for that market may not be quality tenants.

There are areas in Mesa that are in the Gilbert school district. That makes the homes more valuable than in some of the lower rated districts.

If your Realtor is familiar with investments, then s/he can provide you with good advice on what areas will work for your particular criteria. I work with several investors and part of my function is to provide advice on whether certain communities, and specific homes, will meet their criteria.

There are a few people here, such as jkgourmet who know Mesa well and can provide sound location advice. There are many others who don't know Mesa at all so their advice, while well meaning, may not necessarily fit your criteria. .

Home Addict · 07-22-2011, 06:17 AM

Good info. Thanks to all.

What I mean by "doesn't matter where we purchase" is that we could even go to West Valley (such as Goodyear) if that's where we could find quality tenants. Of course we want a solid community with low crime and good schools, just as if we were purchasing our own first home.

Gilbert and South Chandler are our top choices but East Mesa showed up recently as an alternative (near the 202/60 interchange and up 202 a bit). We have a soft max of 125k budget and there isn't much picking in Gilbert/Chandler. If there is, please do let us know.

We are not working with any realtor actively at the moment. I'd like to PM Captain Bill if that's alright.

Jkgourmet · 07-22-2011, 08:43 AM

The policies DO allow you to PM Capt Bill - though he is not allowed to solicit you himself. His advice around here is stellar and he is quite familiar with the East Valley areas you are considering. (however, as I trust he would tell you himself, if you choose to consider a property in the west valley, another realtor who is very familiar with that area might be a better choice.)

With that budget of $125K, I think you will have some challenges finding properties that would be what I (personally) would define as good investment properties. Power Ranch will have some, and I would encourage you to seriously consider it.

Some of the older communities in Gilbert and Chandler may have some properties in that price range. The Springs and The Lakes come to mind (not waterfront, of course, and small units of 1200-1400 sq ft), Bodeax, Dawn, maybe Willis Ranch - and I'm sure more that a good realtor can help you track down.