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Updated over 1 year ago on . Most recent reply
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Investing out of state near a hospital
My cousin recently started medical residency in Springfield, IL and the houses there are cheap enough that I can buy them in cash (which is important for me since due to religious reasons I can't get a loan/deal with interest.) I'm considering buying my first investment property there (I live in CT) since I have someone on the ground there who has offered to be my "man on the ground" and will be there for the next 4 years. She's willing to go to open houses and has let me know that her fellow residents live in duplexes and which areas are up and coming etc.
I haven't really run the numbers yet (because I'm still learning how to) but if they're favorable would investing here be a good idea? How do I find out if Springfield, IL is a good place to invest? Per Zillow there is 4% appreciation of houses over the past year. Additionally, I'll have relatively stable tenants from the hospital as well with turnover every 3-4 years.