Buying a rental property in Berkeley County (Martinsburg, Inwood: foreclosure, rental market)

[htownterp]

Hey everyone - I have been (and still am) flirting with buying a rental property in North Berkeley County, specifically in the Spring Mills/Falling Waters area. I'm attracted by the lower taxes and the idea of building something new, probably a townhouse, in one of the new neighborhoods. Does anyone live in the area and know how in-demand the rental market is right now?

Thanks in advance.

[boycewv]

If I understand you correctly you are wanting to rent out a place? I would say it is in demand but I know there are still vacant homes and while rent stays the same I think it would be harder to attract tenants at the rate that you would need to cover your costs. May still be a good investment for the future, but I wouldn't expect to make a lot in the beginning. If I were doing this I would buy a dirt cheap foreclosure and fix it up a little and either flip it or rent it out for a small monthly profit. For example I bought my foreclosure at 96000 in Inwood and could probably flip it now for maybe 120000. Houses in Martinsburg area are ripe for the picking, but it is getting slimmer. I guess it depends on your situation though if your pretty wealthy falling waters would be a good choice, less risk and better long term investment.

[htownterp]

Thanks boyce. No I'm not wealthy, but have been saving and was looking for something that would be a long term small source of income. I'm not looking to be a slumlord either, letting a property go and bring down a neighborhood. I want to take care of it and keep it looking good.

Thanks for you help.

[Katie1]

Tons of Apt complexes & Empty homes have For Rent signs on them! Chances of getting a tenant is Slim & getting a Good tenant is None!

[htownterp]

Originally Posted by Katie1

Tons of Apt complexes & Empty homes have For Rent signs on them! Chances of getting a tenant is Slim & getting a Good tenant is None!

Yeah, that is a worry of mine.