Rental Property Investor · Dallas, TX · Member since 2018 · 93 posts · 28 votes
Hello fellow REIs!
I am trying to explore new neighborhoods for 'Buy and Hold' and was wondering if you could help me with my research. What are the factors I should consider? I want to stick to class B neighborhoods for now.
I am a licensed real estate agent so I can pull sales and rent CMAs from MLS but not very sure of others. What are the things I should look for in a new neighborhood and how do I get that info?
I think crime rate, school district, location (proximity to freeways, shopping, grocery) etc. is important, is there anything else I should look for?
When investigating new markets I look for things like
population growth (upward over the last 10 years)
Job growth 1% or greater
Unemployment =< national average
per cap income 20K
Household income 3 times annual rent
number of households (in comparison to other markets)
Favorable government policies (is the local government looking to attract business)
those numbers will give me a sense of the macro market. Then I look for the micro
Crime states (block by block) <national avg. I know what my neighbor hood is and compare it to that.
School ratings B
proximity to amenities (walmart/home depot/ chic-fil-a)
When they all check out it's time to get feet on the ground. Either yours or someone you can trust. There are things you can only find out by being in the area. Which schools are the best ones with in the district. What side of the tracks / hwy / river do you want to live on? Some areas are block by block. Does it flood during heavy prolong rain. Are you in a flight path. All sorts of things that aren't online.
I am trying to explore new neighborhoods for 'Buy and Hold' and was wondering if you could help me with my research. What are the factors I should consider? I want to stick to class B neighborhoods for now.
I am a licensed real estate agent so I can pull sales and rent CMAs from MLS but not very sure of others. What are the things I should look for in a new neighborhood and how do I get that info?
I think crime rate, school district, location (proximity to freeways, shopping, grocery) etc. is important, is there anything else I should look for?
Any help will be appreciated!!
thanks,
priyanka
Real Estate Investor and Agent in Dallas, TX
We are big fans of driving neighborhoods, we like areas that have some building going on. Tear Downs, rehabs etc.