Potential gentrification investment
I am eager to make my first real estate investment, and I have my eye on a particular section of town that I believe has tremendous appreciation potential.
This is a straight road that cuts through woods and has about a dozen houses that are run down and trashed, but occupied. This is an area you would not like to find yourself alone at night. Consider this a D subdivision with D property.
However, on both ends of this same street are very nice suburban areas and even brand new developments that are slowly working their way inward. These are A and B areas and properties. I have a strong suspicion that this strip will eventually become gentrified.
It is in the dead-center of the city and located in one of the best school districts in the nation. I imagine it being a prime location for rental properties
I’m considering a driving for dollars approach and possibly door-to-door visits (during the day, and with a friend) to see if any of these owners would consider selling for cash.
I guess my question is: what factors do I need to consider and research to confirm my instinct about this being a treasure trove of real estate? How would you go about it?