Everett / Paine Field Area Questions

[Marcelo Bellinaso]

Hello - I'm getting ready to make a few offers for single family properties in the area of Everett / Paine Field. My goal is to buy and hold (rent the properties for income). I'd be interested in feedback from more experience investors who know the area or have rental properties there. My main concerns are the proximity with an airport, reliance on Boeing jobs, and long commute to/from Seattle & Redmond. Any help will be much appreciated!

[Roger Vi]

@Marcelo Bellinaso Just wanted to add some insight. I grew up in South Everett on the other side of I-5 and currently live North.

Proximity to an airport may make traffic bad and add a little noise, but I don't think it hurts the rental demand in that area at all. If anything, I think it helps. Many of the newer apartment complexes are being built around Airport/99. Paine Field is also planning to offer commercial flights in 2017. 

Reliance on Boeing jobs will always be a concern in Everett. I don't think it is as bad as it used to be. More and more people are living in Everett and commuting 30-60 minutes to work.

Long commute to Seattle/Redmond becomes a short commute when you ask the thousands of people commuting from Arlington, Lake Stevens, Monroe, etc... If your primary market is people working in Seattle/Redmond, I would try to buy roomier homes with yard space. People come up to Everett to afford what they can't afford in Seattle/Redmond. That is a trend I believe will continue to grow for years.

I agree with the comment that the economics change once you reach North Everett, but have you looked into that area? I personally prefer North Everett especially if you are investing for cash flow. I personally don't see much in South Everett that is any more than a pure appreciation play (I look at anything under $2 million). You will have to buy and sell at the right time to make any money. I am not against this strategy but I think it is very important to be aware of the situation before you enter it.

In North Everett, I find it easier to get something with cash flow and as good of a chance at appreciating as any South Everett neighborhood. PM me for more details.

Hope this helps!