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Multi-Family in Bay Area
Hi, I am looking to buy a multi-family (my first one) in Bay Area. Can someone suggest which are good areas for appreciation and cash flow? My price range is between 1-1.5M.
Thank you
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I'm looking to buy my first investment property this year as well. One thing I've been looking at is buying a single family house where I can split the home into 2 units and permit one as an ADU. This would be significantly less expensive than buying a SF and then adding an ADU. I've found a few good opportunities <$1m. Buying a multi-family in that price range is going to be difficult and will also need work.
As far as locations, I’m focused on areas with decent/good school districts where I can buy something a little less expensive. I’ve been looking at Concord since I’m in Walnut Creek - it’s close so I can easily property manage, but the housing prices are less and I expect there to be appreciation in the future as the area continues to gentrify. I stopped looking at areas like Richmond or parts of Oakland where the schools are really bad, there’s lots of public housing, crime, etc. I’ve been in the Bay Area my whole life and while you would think with the housing prices here some of these areas would have to eventually gentrify, there are certain factors keeping them from doing it that aren’t going to change without significant government intervention.
I’m also looking at going up to Sacramento but that’s outside the Bay and you specifically said Bay Area. For me, anything up to 1-1.5 hours away is being considered so I can manage the renovations and property management myself.