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Updated almost 7 years ago, 12/23/2017
Proposed Metro Rail Extension by my units - Time to sell?
Hey BP Gang! Looking to hear your feedback on how the following issue may impact the value and rent premiums my property (duplex) demands. Some of you who reside in so-cal may be familiar with this issue.
The Metro in my area is making a big push to extend their commuter rail lines. I live one house away from a rail road crossing that is solely used by freight trains. They come through once or twice during the afternoon. Metro purchased the right of way and wants to add a commuter line. They are trying to move forward without even informing residents (I only found out through word of mouth) as this is by far the cheapest option. If this goes forward, I expect a commuter train would be coming through every ten minutes. As I said, the RR crossing is ~100 feet away; a new station will be built ~0.4 miles away.
Initially this wasn't going to be started for many years, but I understand that LA Metro may try and push a start in 2018. They are voting in January on whether to extend the rail line by my duplex or a half mile away along a busy street.
Thoughts / recommendations on exiting?
I plan to move out regardless next year so I'm not concerned about how this will affect my own quality of life, more concerned about how it will drive renter and buyer demand. I know you all like numbers, so to put it in perspective: gross monthly rent for the duplex is ~4500, should be able to sell for 700 to 750k in current market. Given the dollars I've invested in the property to date, I make about 15% of it back in profit annually already and would see an immediate six figure profit if I sold.
Thanks!
P