Quote from @Nathan Frost:
How can I go about searching for deals/properties that appreciate in value over time? Looking at the tax appraisals? Or asking a realtor? Really would like to look see numbers and not have a realtor just speculate or tell me this is a "good" area. And advice?
Not saying this will always work, but here is a local example of something that did work for one of my clients: 10 years ago here in Gainesville FL, there were a lot of areas with unfavourable crime statistics that were also bordering neighbourhoods in and around the University of FL. One of my clients around 10 years ago that grew up in San Jose CA, he informed me that his Uncle back home started buying affordable homes & lots that bordered areas that commanded a higher price. My client told me he wanted to do that here in Gainesville. I was a tiny bit skeptical, but sure enough, he was right. There are streets where he bought that after sun down, there was no way anyone that didn't live in those neighbourhoods would be just passing through. Now 10 years later there are luxury apartment & condo buildings, new construction homes, completely renovated homes etc in place of the old run down low income housing. Much of what he purchased is now worth anywhere in the 4 to 5x's what he originally paid for it range. I'd assume there are other markets around the country that the potential to do the same is there.
Every now and then when I drive South bound on Sw 6th st past what on the East side of the street used to be referred to as the Porters neighborhood, I just think in disbelief at how much things can change. In July of 2007 I got randomly shot at while driving by on Sw 6th St. The collision plate saved me from taking a hit from a 38. The run down trap houses that used to be there including the lots maybe 30-45k in value, now there are 400-550k homes sitting in their place. What once was an area that no one saw potential in, it's now been revitalised. Homes have been renovated & restored, new homes built, jogging trails that are actually safe to use, etc.
Sometimes you can find potential where no one else sees it. I would use the word speculation however. In this case it happened in a timely manner. In other cases, someone could have the same idea, but it may not come to fruition as fast as you might hope.
Good luck!
