MF investment in Washington Park

[Michael O.]

Hello all,

I am currently looking at a MF in Washington Park area of Atlanta. I have looked at some data online seems as if it is a high crime area. Anyone with local knowledge of the area please let me know your thoughts. 

Also, looking for a good PM that runs larger multifamily (50 units +) in the Atlanta area any recommendations would be great. 

Thanks,

Michael

[Dan Mahoney]

@Michael O. I agree with the other comments in this thread, but I think it is important to point out that the prices in the area are going up in anticipation of gentrification/demographic shifts, not because these shifts have already happened.  The average income in this area remains well below the regional average and many if not most residents are on some form of public assistance.  Demand/rents are pretty strong if you have a good quality product, but you will not find many qualified tenants if you use the typical criteria suggested in these forums (documented income 3x rent, 600 credit score, etc.)  Per @Gareth Jackson comment, the BeltLine is in walking distance, as are the Ashby MARTA station and the Atlanta University Center, so there are reasons to bet on the neighborhood.  You just need to be realistic about the existing tenant pool.