Investor · Orange, CA · Member since 2015 · 39 posts · 5 votes
Hello BP members. Does anyone currently have any single family rental investment properties in the Boise or Meridian area? If so what is the market rent value per square foot and/or what are you getting for a 4 bed 2 bath home over 2k square feet? Looking to purchase one very shortly. Are there profits to be made and is this the time to buy in that area now that most Californians have flooded the scene.
Best of luck moving forward! From personal experience here in the Treasure Valley Eric is right on the money with his assessment. He's a great resource to reach out to and has helped many people reach their goals!
I have multiple properties in the Boise MSA and help lots of clients do exactly what you are thinking. Right now rents in the Boise/ Meridian area are sitting around $1.30/ sqft with some deviation both up and down. A 4/2 around 2k square feet in Meridian should rent for around $2400-2600, with the $2600 being in more average condition for the area and the $2400 is for the more substandard units. There are still profits to be made, but high-quality deals are very hard to find. Typically on a SF rental, I can at least do a $100 a door after taking into account all expenses including cap x and vacancy. Let me know if you have any questions, please feel free to reach out.
We have sold and managed many rentals both long and short term in the Boise Metro area, and Meridian specifically. The most difficult part for out-of-state purchasers coming into this market is the way the development of this area came about. Many of the previous 80-acre plats that were farmland were sold at different times and even broken up many times, this has created an almost street-by-street territory difference of home quality, rentability/desirability.
Boise can be upwards of 3400, and Meridian can range from 2200-2800 for most normal 4/2 2300 sqft homes, depending on location and such. There is a lot of opportunity in this market, you just need to find the right deal.
Best of luck moving forward! From personal experience here in the Treasure Valley Eric is right on the money with his assessment. He's a great resource to reach out to and has helped many people reach their goals!
Great information here. I understand there can be a mixed bag of housing quality types in Meridian. I have a couple of friends who relocated several years ago and some areas can be hit and miss for value and quality of neighborhoods and housing. One friend to stay clear of anything between Ustrick and the 84 due to new big houses being plopped right in older home neighborhoods. True or not… I don’t know but just checking. What sections of Meridian would you target for someone in my shoes. Short term rental for a couple of years before moving in. Housing has inflated like California in Meridian and is a concern for price point and rent to cover mortgage, taxes and insurance.
Luckily at this point, an STR is going to do well almost anywhere, as I type this from an STR in Caldwell LOL. My personal favorite part of meridian is NE, just south of chinden.
You can get pretty specific, but I would also say we would need to see what you personally would want in a home/location for your personal use, but my suggestions would be:
1) Boise Bench (Great access for STR- Airport/Hospitals/Central Location)
2) North End ("Old town" feel, great atmosphere, but pricey)
3) Caldwell (Indian Creek Plaza is growing exponentially, and College of Idaho- most affordable option)