Fulton, KY 7-Unit

[Cory Lader]

Hey everyone! I recently stumbled upon a 7-unit apartment building in Fulton, KY and I'm wondering if anyone on here has any thoughts regarding that market. I only saw 1 apartment for rent on apartments.com and I'm not sure if that's a good thing or a bad thing... Any advice on this area would be greatly appreciated!

[Michael K Gallagher]

@Cory Lader I'm no expert in that market but pulling it up on a map it seems to be a boarder town, and fairly rural.  We have similar communities here in OH and generally they seem to rent pretty well.  While there is generally lower demand for rentals in those kinds of areas if compared to a primary city, there is also generally lower supply.  If you are only seeing one other rental, I'd lean towards that showing how tight the supply there is.

If you have not spoken to a local property manager in the area that's probably the best way to get a feel for demand and vacancy from them.

but if this is a 7 unit building it should evaluated and valued on the incomes in generates so there should be vacancy and rent roll data points that will help you understand the demand for this specific building.  

If its sitting mostly empty and under rented, probably not a great thing, but that may just be poor management also so take the data as part of the overal picture not just black and white if that makes sense.