Rental Market in Twin Falls, Idaho?

Question

Does anyone know how the Twin Falls, Idaho market is for rental properties? I recall my brother telling me once that it was "really hard" to find a place to rent in Twin Falls, and since it isn't all that far from where I live (Utah), I thought it may be an intriguing place to check out for "buy and hold" opportunities.

All I know is that the homes seem to be a lot less expensive there with prices well under $200k for 3b/2b, and rents seem to be around $1100/mo for a 3b/2b (per zillow).

More than anything, I'm looking for someone to talk me out of this market :).

Jack Aduwo · Answer

Hi there @Brad Morgan

So there are two distinct ways to view this:

1) People buy the houses to live in

2) Investors buying the houses to rent out

The 200k number you gave i think is a reflective of average going market rate but as an investor, you're always looking for a good deal hence the expectation is that buying price should be significantly lower than average going market rate. There are several mechanism you can implement to achieve this goal. You should make every effort to meet the 1% rule.  I have driven through Twin Falls several times when i am going to Boise   It is a nice town, i love it there. I have always wanted to have a piece of Twin Falls pie but i have not been able to get a good boots on the ground realtor or partner to work with.

I am sure you can find a good deal meeting the 1% rule in that market

Yes Chobani is there. They opened a 450 million dollar plant  there. They say that it is the worlds largest Yogurt manufacturing facility.

If you find a good deal there and need someone to partner with then please let me know

FYI......The average vacancy rate for  state of Idaho is about 6.9% +-2

Dustin Vincent · Answer

Hi, my name is Dustin, I know the area very well.  I think there is tons of opportunity in twin falls right now. Honestly I think this is the best time to buy. I'm not sure how long this window will be available.

There are so many new businesses coming into the area and creating so many new jobs. Plus twin falls is beautiful, clean, and a fresh place to live.

My wife and I buy and sell, rehab and rent. We also own Select Property Manangement and manage other people's investments for them.

If your interested in investing in the twin falls area and would like some help just send me your contact info and maybe we can work together. There is a lot of opportunity available right now. We can help you buy and rent a house, rehab and rent foreclosures properties, or multi tenant units. We would love to work with you.

Thanks Dustin,

Jim P. · Answer

@Brad Morgan

--Sorry, I don't know enough about the area to talk you out of/ or even to talk you into Twin Falls...

-I'm only posting because I've heard there is a decent amount of industrial growth there lately (Chobani???)  yogurt plant expanding there- among others I can't think of right now...  So, some improvements in the local job market- in addition a couple of small universities there...

Sorry, not much help, but I've been pondering that market also...

thanks,

Jimmy

Zachary Smith · Answer

It really depends on how people are valuing future appreciation. The resort markets are difficult to meet the 1% rule.

Brad Morgan · Answer

@Jeff Rappaport

Thanks for that info! I'm still in the learning and saving stage, but we'll be in touch.

Jeff Rappaport · Answer

@Brad Morgan, it really depends!  I sold a small two bedroom house a few months ago in Pocatello for $45K and she gets $650 per month.  I think you will need to focus on the smaller homes but it is still possible.  As you get in the bigger homes and around $100K I don't think you will find many that will meet your 1% rule.  You will do better looking in some of the smaller areas like Pocatello, Idaho Falls and Twin Falls. As far as multi family goes, everything I have sold exceeds the 1% rule.

Brad Morgan · Answer

Thanks, @Jeff Rappaport, from your experience is it pretty challenging to achieve the 1% rule target in Idaho with single family homes? I would imagine a few years ago during the downturn and first few years of recovery it was probably possible, but is it still?

Jeff Rappaport · Answer

@Brad Morgan

Sorry, forgot to let you know I was responding to your post.  Take a look at the last one.

Jeff Rappaport · Answer

Brad,

I work in the Idaho market.  I have not bought or wholesaled anything in Twin Falls but I have done quite a bit in Idaho Falls, Pocatello, and Caldwell.  If Twin Falls is anything like Pocatello you can get great deals on multi family properties.  I currently have 8 for sale in Pocatello.  They all beat the 1% rule.  I have done a couple of houses as well.  I bought a house for $94K and lease optioned it out for $800 a month.  Would not suggest that strategy on the low priced houses.  If you are looking for good deals in Idaho or would like to know more about the market  I am happy to chat with you.

Rental Market in Twin Falls, Idaho?

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