Realtor · Jacksonville, NC · Member since 2016 · 109 posts · 47 votes
Good day everyone, are there any investors in the Wilmington, NC area who would be willing answer a few questions about the market?
I believe I found a good deal (after a quick analysis) but I'm stationed overseas so google searches and forum discussions are what I have for resources and I'm trying to get some good insight on that area for this particular deal.
I'd be willing to help out in any way I can. Thank you in advance.
Thank you both for reaching out and I apologize for the delay in response. We are 13 hour time difference than the east coast. I am not too familiar with the areas in Wilmington other than when I would come down from Onslow County to hang out or pass through. The property I am looking at is a duplex near Princess Pl Drive and North Kerr Ave in an HOA neighborhood. Again, I am not too familiar with that area and if I were to take the next step of reaching out, this would be my first deal.
So my questions are:
What areas would you stay away from due to higher crime, lower income, or just had bad experiences in for one reason or another?
Are duplex's and other multi-family rentals in Wilmington generally a good investment? I know that's kind of a loaded question but I'm trying to see if you have seen a decent demand for people wanting to rent a place that is attached to another persons home.
Are 2 bedroom/2 bath the norm for multi-family units in the area? Is that what a lot of people want when moving in and out of Wilmington or are you seeing people lean more towards 3/2?
I am assuming a lot of those areas are rented out to college students attending UNCW, so what are some issues you have seen with those tenants? Repairs, costs, any other unforeseen costs?
Gentlemen, again thank you for reaching out and being willing to help out a newbie become more familiar with the process. Like I said in the original post, I'd be willing to help out however I can from afar. My only experience is in the Hubert area and I am still learning the ropes there, however, I do have some contacts for certain skills in that area. Just let me know how I can help. Thank you.
@Samuel Lynch, I'm also an out-of state investor. To determine if a particular location will be a good choice, I use Trulia's crime map, Google street view, and input my my RE agent/broker/property manager, @Rachel De Faut. I recommend her if you need a RE agent or property manager.
There are plenty of blocks and small areas I avoid, but they are very localized. A few of my properties are close to higher crime areas, but on relatively quiet streets. I avoid the sketchiest areas, my criteria is I only invest in houses I'd be willing to live in, on blocks I'd be willing to live on. I mostly have modest entry-level 3/1s. I've found demand to be consist, we've generally had no real problem finding suitable tenants quickly. I think 2/2s would be fine. I'd expect 2 adults, maybe roommates, or young family as tenants. All my properties are SFR, but multis are fine - I'd buy one if the math and property looked good. I'm assured by Rachel, that duplexs she manages are fine, maybe a few $ less per sq ft, but with slightly better overall ROI. I've had a few students as tenants, no real difference in my experience as long as you do some basic screening & due diligence.
I hope that helps. I'd be curious to hear your experiences if you buy in the area,
@Account Closed, Thank you, that does help. I didn't even think about Trulia's crime maps, great idea. The things that perked my ears when I was searching for multi-family properties to possibly buy was that the units already has tenants with year long leases, the house is on a cul-de-sac, in an HOA neighborhood where the HOA takes care of the lawn out front and the exterior of the house, and it is close to Rt 17 (the main artery through Wilmington). That was what was on the surface, so now I'm trying to run the numbers as accurately as possible (before talking to a broker or owner), and get the down and dirty of the market. So thank you for the insight and reference to a reliable RE agent/broker/manager. I will let you know where I go from here.