Crappy Multifamily Properties!

[Jay Eubank]

Hey whats up BP?! 

I love real estate and its basically all I think about 24/7. I invest here in my local market of Las Vegas, Nevada. I am pretty familiar with my city and what neighborhoods are good ones to invest in as far as rental properties are concerned. And I must say:

THE MULTIFAMILY PROPERTIES HERE IN VEGAS ARE IN THE WORST NEIGHBORHOODS! 

There are virtually no areas of town that I would be okay renting out a unit in a multifamily unit to my family. And I do not want to buy properties in my market that I would feel uncomfortable living in myself! Little bit of a rant, but what issues do you have with your market?

I wish we had more duplexes, triplexes, and fourplexes in good neighborhoods in my city. All the apartments in the good areas of the city are 100+ unit complexes. This makes the only strong types of property for new investors is SFRs and townhomes, etc..

[Terry Lao]

@Jay Eubank

There are only about 40-45 4plexs in all of Las Vegas currently available on the MLS. Most are in bad areas. There are some pockets that are okay, but I would not want to live in. The below links are two that I consider okay. However, the listing price would be 425-510k, would make it difficult to cashflow positive. The best time to purchase 4plexs were 2012-2016. Now, it's harder to cashflow even if you added value with remodel and increased rents. However, Jul'20 just reached another all time high for SFR median at $330k.

https://las.mlsmatrix.com/Matrix/Public/Portal.aspx?ID=0-511279248-10#1

https://las.mlsmatrix.com/Matrix/Public/Portal.aspx?ID=0-511279248-10#1