Louisville Real Estate Forum
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago, 08/06/2018
Portland neighborhood in Louisville
I'm looking at potentially investing in properties in the Portland neighborhood. I'm looking for local seasoned investors who can tell me if this neighborhood is showing signs of improving. Thanks for any insight!
Beecher Terrace is being torn down:
http://www.wdrb.com/story/34043816/beecher-terrace...
New YMCA Coming In.
Expanding the waterfront.
New Hospital going in.
Gil Holland making plays.
https://www.bizjournals.com/louisville/feature/exc...
New Track and Field:
https://www.bizjournals.com/louisville/news/2017/0...
Southeast Christian (Mega Church) getting involved in the area.
https://insiderlouisville.com/economy/question-are...
Lots of movement.
Nope. Don't do it. This area is only for seasoned investors willing to do a lot of renovation work. There are better areas to look in. IMO this is too much work for too little return.
In addition. the area is surrounded by low income property. The only border that isn't all bad is downtown Louisville.
Not much employment and the houses are not centrally located in the city. It is nothing like the effort investors put into Germantown except that it is just as old.
Germantown was just outside the Highlands. It was a much better location.
- Clay Smith
I just started in the area and there are alot of houses available with the city finally getting a little involved. If you do invest you might want to make sure you keep the properties clean or the fines can add up.
Thanks for the input everyone!
Adam, I've been watching the area. My background is in appraising (16+ years) and as of today it's a good cash flow area (i.e. ghetto) but it doesn't hold value. It's impossible to flip because the upside values are not there. Crime is high, most of the properties are very old and worn out.
My primary concern is that there is no organic revitalization. It's all contrived by outsiders. None of them live in the area.
In contrast, Germantown, Nulu, Butchertown, and now Shelby Park were all sub-par areas to varying degrees but what they all shared in common is they were bordered on at least two sides by much more expensive areas. Portland is cheap and it's surrounded on all sides by cheap.
I don't want to be tagged a naysayer but I think the Portland proposition is much more complicated than the above mentioned areas.
@Brett K. thank you for your response. I appreciate your thoughts. I spoke with Stephanie from Portland Investment Initiative today and she gave me some good information. It aligned with the information Rob shared above in this thread. She also explained that a group of investors was rehabbing shotgun houses on "Artist Row". It sounds good that private investment dollars are being poured into the area, but your reasoning about surrounding areas makes sense. I believe it is too much risk for me at this time - especially as an out of town investor. If it continues to show signs of gentrification, I may reconsider in the future.
Are there any other areas you recommend investing in at this time?
Great Thread
I disagree with the naysayers....Shelby Park and Phoenix Hill are the play now....but then what? Where next? The prices in Nulu, Butchertown, Germantown even are outrageous! Noting left to develop. I can't see it being south Louisville. So the answer is Portland! As long as you stay north of Market, it's fine. Do NOT expect to flip Portland but the area is best for under 45 investors who are planning on a 10 year plus hold, then I think there will be room for flips at the end game.
I was a Portland naysayer but not now. Just wait for Beecher Terrace to go and Waterfront Park West to get built. The Gold rush on Portland will start in 2022 after River Rd gets built into Portland.
Originally posted by @Brett K.:
Adam, I've been watching the area. My background is in appraising (16+ years) and as of today it's a good cash flow area (i.e. ghetto) but it doesn't hold value. It's impossible to flip because the upside values are not there. Crime is high, most of the properties are very old and worn out.
My primary concern is that there is no organic revitalization. It's all contrived by outsiders. None of them live in the area.
In contrast, Germantown, Nulu, Butchertown, and now Shelby Park were all sub-par areas to varying degrees but what they all shared in common is they were bordered on at least two sides by much more expensive areas. Portland is cheap and it's surrounded on all sides by cheap.
I don't want to be tagged a naysayer but I think the Portland proposition is much more complicated than the above mentioned areas.
This is the best response I have seen yet, but I respectfully disagree. I don't think Portland will wholesale turn around for another 20 years. However, certain sections are prime, specifically the sections that abut downtown and the river. In fact, the area known as Shippingport has the most potential. Alot of that depends on Louisville's growth, particularly in the tech industry, and that is all coming organically....
i own a house in Russels and one in Portland and i worry more about the house in Portland, would have not said that 15 years ago.
Adam, it depends on your goals. Are you looking for cash flow, appreciation, both? How's your risk tolerance?
The 40215 zip & south of there in Beechmont, Hillview, areas in Okolona are safer plays and you can flip and find cash flow properties in these areas.
I see landlords liquidating in these areas. Others are still loading up. Remodeling Trends & Best of the MLS 8-2-18