[jackgreg]

Hi, I'm hoping for feedback from both renters and landlord perspectives about renting and rental property experiences in or around the Springfield area. I'm involved with a potential, extensive renovation of a smallish two-story house into a two-flat apartment (near the downtown area).

So far info I see seems to show that the town has a fair amount of subsidized and low-income housing, and a fairly flat population. Meaning, it doesn't seem like the town would currently carry much in the way of housing demand or rent income?

So I'm wondering whether this project should be treated as a hobby, or a venture? Or, should I just drop it and run ?

Otherwise, just in general I'm curious to hear about any relevant rental experiences- I went to school in Springfield, but haven't been back in many years- so I know (or at least knew) the place.
Thanks much for any input, thoughts, etc!

[FrugalYankee]

Depends on where the house is.

There are a couple of neighborhoods that have turned into slums with a reputation for having mostly section 8 trash as residents. Real estate agents have done well by taking single family homes, breaking them up into multi-unit dwellings and renting them out to drug dealers, doing the absolute minimum on deferred maintenence.

A few years ago the Fire marshall blew through the town and inspected all of the rental housing. So much of the rental housing stock was unfit to live in that it drove the slumlords out of the market. It's the reason you see so many vacant houses and houses with plywood and/or pressure treat added as an afterthought on porches and decks.

Currently the most reliable source of rental income is section 8. Your chances of finding a renter who can actually pay their own rent are slim. If you can get someone who gets their rent paid for by the state, town or any one of several agencies that keep many of the town's residents alive who isn't a criminal (or moves in and then lets all their criminal friends move in) and who won't trrash the place, you are in luck. There may be some pickup once the new clinic in the old Fellow Gear Shaper building opens for business.

Be aware that the town will soak you for taxes - the commercial tax base is all but gone and the town has no option other than to hit homeowners and property owners up for the money it needs to keep things going. It is nearly impossible to figure out what the taxes are on a house since a resident pays property taxes according to their income, while a non-resident pays a fixed rate.

Make sure you screen well. There is a small army of lowlifes that get evicted from one rental after another and are skilled at lying and/or giving credible sob stories to potential landlords. And don't believe any references from current landlords, who have no compunctions about giving a lowlife glowing references just to be rid of them.

[jackgreg]

Much obliged!- Sounds like the Springfield I remember

[FrugalYankee]

Really? You must have left after I did.