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Updated over 3 years ago on . Most recent reply

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159
Posts
59
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Ty L.
  • Investor
  • Northern Virginia
59
Votes |
159
Posts

Huntsville, AL Small Multifamily?

Ty L.
  • Investor
  • Northern Virginia
Posted

I am seriously considering Huntsville, AL and secondary markets for small Multi-family investing.  I'm in the research phase and wondering if 35805 and 35801 is still viable areas of this growing area? I currently invest in NC. Thank you.

Most Popular Reply

User Stats

283
Posts
253
Votes
Dave DeMarinis
  • Lender
  • Santa Rosa, CA
253
Votes |
283
Posts
Dave DeMarinis
  • Lender
  • Santa Rosa, CA
Replied

Hi Ty - Huntsville is a very good market. However, the only thing I don't like in Huntsville is Small Multi Family. The rents tend to be in the $400 to $650 range and that doesn't give enough head room to cover expenses (real expenses, not % of rent expenses which don't hold up at those low rents). Also, the small MF are clustered together and create neighborhoods/pockets of people paying $500 in rent which makes it really hard for the areas to improve and get better. There is good quality SFH for rent in the $850 range so you don't really have a spread to push up the small MF. There is significant rent appreciation in the last couple years and it looks like the SFH will be over $1K in rent. As that happens, it might create some more opportunity in small MF but the small MF prices might still be too high. Are you in small multi or SFH in NC?

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