Is Woodhaven a good place to invest?

Question

We are thinking of buying an investment property in Woodhaven - we figure that it is near Forest Park which is amazing and on the J train which gets you to Manhatten. If you pick the right place then Kew Gardens is not too far for the subway and the LIRR.

North of Jamacia Avenue seems better by the park again.

What do people think and does anyone have any experience of living there?

We would like to keep this property for two - three years and see a good return. Nowhere else in Queens seems as picturesque and as affordable.

We have begun to see plenty of young hipster types heading through on their way to Jamacia and hoped this might help Woodhaven become a bit less boring and a bit more hip!  It could do with one or two restaurants and a codffee shop for local people.

Benjamin Qiu · Answer

Hi @Sarah Pettitt

Woodhaven has appreciated a ton in the last 3 years from a lot of out Asian investors/home owners moving in. I used to Live in Woodhaven and now in Richmond Hill, I see the demographic changing as well. May be Woodhaven will become the next Elmhurst, who knows.

Account Closed · Answer

Same as anywhere else.  AT THE RIGHT PRICE.

Sarah P. · Answer

Thank you! Around 450,000, single family - probably a terrace. Not sure about rents in the area yet but would be happy with around 2,000 a month. We were thinking of doing work to the house to increase value and buy low.  I don't think we have the stomach or experience for a short sale on our first venture and it seems a pretty closed market.

One of our key worries I'd resale in a few years as houses don't seem to be shifting fast in these areas. It would not have a driveway at this price point. Would that be a significant issue?

Shmuel Harris · Answer

@Sarah Pettitt

Hey Sarah, welcome to the BP community! The BP community is a great resource for learning about REI in general. When it comes to learning about specific areas it is harder to find the right information. This is when networking comes in handy. I would try calling many Real Estate Agents in the area who might be able to provide more specific answers and numbers.

I live near the Woodhaven community, in Kew Gardens.

I like the general vibe in the area. To be honest I am not too clear on the numbers in the area though.

Just curious what your question is exactly. Are you hoping that property values in the area will increase in prices? Or are you just asking wether anyone on the site knows if there is high demand for rentals?

Either way I am not too sure what the answer would be.

Good Luck and wishing you success!

Sam Harris!