OKC rental areas

[Ashwin kumar Kovur]

Does properties on I44 near 63rd and Kelley is good area to invest? How are rental comps for 3bd/2ba. Please advise. 

[Ty Coutts]

Hi Ashwin,

I do not personally know about this area, but I can give you some insight on how to go about finding out: 

Investing in properties near I-44 around 63rd and Kelley in Oklahoma City requires careful consideration of neighborhood dynamics, rental demand, and property condition. Begin by assessing the area's overall appeal, including factors like crime rates, school quality, and amenities. Properties in this location may vary in age and upkeep, impacting maintenance costs and potential rental income. Research local rental market trends for 3-bedroom, 2-bathroom homes to determine competitive rental rates and ensure they align with your financial goals.

Consulting with local real estate professionals can provide valuable insights into market trends and potential challenges. Conduct thorough property inspections to identify any maintenance needs or structural issues that could affect rental income. Financially analyze your investment, including expected rental income versus expenses such as taxes, insurance, and vacancies. By leveraging local expertise and conducting comprehensive due diligence, you can make informed investment decisions that align with your long-term financial objectives in the Oklahoma City market.

[Ashwin kumar Kovur]

These are brand new homes which will be completed in next couple of weeks. I don’t see many 3bd/2ba in area and I was told by my agent that it’s a good thing, meaning there is not much inventory for those and these could rent pretty quick with good rental Comps.

[Ty Coutts]

Hi Ashwin,

It sounds promising that these are brand new homes, which can be very appealing to renters. Here’s how you can evaluate the investment potential in this area and ensure it aligns with your goals:

Local Market Research: Since these are new homes and there isn’t much inventory for 3-bedroom, 2-bathroom properties, you could benefit from a high demand and low supply situation. However, it’s essential to research the rental market trends in the area thoroughly. Websites like Zillow, Rent.com, and Realtor.com can provide insights into current rental rates for similar properties. Also, consider reaching out to local property management companies for their input on rental demand and market conditions.

Comparative Market Analysis (CMA): Your agent's assertion about good rental comps should be backed by a Comparative Market Analysis. Ask your agent to provide a detailed CMA that includes recent rental prices for similar properties in the area. This will give you a clearer picture of what you can expect in terms of rental income.

Neighborhood Appeal: Evaluate the neighborhood's appeal by considering factors such as proximity to schools, parks, shopping centers, and public transportation. Additionally, check crime rates and the overall safety of the area, as these are crucial factors that tenants consider when choosing a rental home.

Financial Analysis: Perform a detailed financial analysis to ensure the investment is viable. Calculate your expected rental income and subtract operating expenses such as property taxes, insurance, maintenance, and property management fees. Ensure that the net operating income (NOI) meets your investment goals.

Future Developments: Investigate any future developments or infrastructure projects planned for the area, as these can significantly impact property values and rental demand.

Financing: If you are planning on taking out a loan to purchase a property in this area it is imperative to make sure you are getting terms that align with your investment objectives. We can discuss your financing options to ensure you’re getting the best terms for your investment. I can help you explore various loan products that suit your needs and maximize your returns.

Please feel free to reach out to set up a time to discuss this further.

[Drew Sygit]

@Ashwin kumar Kovur what data has your agent supplied to back up their claims?

How many rental properties does your agent own and how can they prove it?