All Forum Posts by: Phil Hardway

Hi Kristi, sorry for the delayed response!  

So it turns out that the property values in the area have increased.  I bought the property in January of 2017 and since then, the property values (at least according to Redfin, Zillow, Trulia, etc..) have increased ~20% or around a little less than 10% per year.   That being said, I really don't have any way of telling whether or not the appreciation in the area was due to the Amazon distribution center.  I'm an absentee landlord, so I am not as plugged into what is going on in the local economy (although I probably should be), but I haven't heard or seen any real news regarding how the distribution center is affecting daily life there.  I've had two sets of tenants in the property since I bought it, but neither tenant worked for Amazon, or moved in because of its proximity to the distribution center (this rental is about 5 minutes away from the warehouse).  I have been able to increase the rent each year, and currently we are sitting at $1200/mo with this unit, up from $1050/mo when I first rented it out in 2017. 

It's only been 2 and 1/2 years since I made the purchase, so I may be premature in saying this, but I don't think I would base a decision to purchase a rental unit in a depressed area solely on the addition of an Amazon distribution center.  I just don't think the addition would bring enough of a boost to the local economy, or really raise the quality of tenants that are in that area.   Hopefully you found this helpful!  Let me know if you have any other questions and stay safe!

Hi Dan,

I don't suppose that this property is still available?  

I just put my first property under contract in Euclid, OH. and Kurt Hoes with North Ohio Property Inspection was recommended to me.  He did both the general inspection and a radon test for me.  I thought he did a great job and would use him again on my next property.  You can find him if you google “North Ohio Property Inspector”.  Good luck!

Thanks for the comments everyone!  I actually grew up in Parma, and Euclid used to be a good area.  Sounds like things may have changed a bit since I left town (1997)

Thanks for the inputs!  Based on your comments, I’m wondering now if the fulfillment center could cause stagnation or even decline in the area, especially if it brings in low wage positions in an area that was traditionally a middle-income area.

Hi Everyone,

I'm a newbie investor looking at a deal in an area where Amazon has announced they will be building a fulfillment center.  The move is supposed to bring a couple thousand jobs to the area, which would be great.  My question is; Has anyone that owns a property in an area where a fulfillment center was put in actually seen an appreciation in property value or market rents since that fulfillment center opened?

My apologies up front if this question has already been asked and answered.  i tried doing a search for it and nothing came up.

Hi everyone,

I'm a newbie investor here and I'm looking at a deal in an area where Amazon has announced they will build a fulfillment center.  It's supposed to bring in a couple thousand jobs, which is great for any area.  My question is, has anybody that bought an investment property in an area where a fulfillment center was built actually seen an increase in the property value or average market rents that you can attribute to the opening of the warehouse?  

My apologies up front if this question has already been asked and answered.  I tried doing a search and didn't turn anything up.

Joe,

My best email is [email protected].  I look forward to seeing what you have.

Hi Joe,  I'm currently looking for a potential investment property and this looks intriguing.  Do you have any other information on this 4-pled?  I look forward to hearing back from you!