Enterprise, AL
Greetings!!
I am new to this site and have been listening to the podcasts for some time. I am a landlord by default due to a PCS so I have a little bit of experience with investment properties. I wanted to get your thoughts on buying investment properties in Enterprise, AL. I live about 2 hours away but visit often due to family in the area.
Here is what I have discovered about the area:
- Newer townhomes in a nice area (low crime/good schools)closer to the military base (Fort Rucker) were purchased for around 130,000 and are now selling for 115,000 or valued for way less.
- There are a large number of vacancies in the area,
- Rents are not meeting the 1% rule
- House values are trending down
- I could not identify any improvements to the area that would encourage job growth/attract new families.
Example:
123 Concord Ave, Enterprise, AL 36330
My calculations show that this would work if the seller would take around 85,000 due to the state of the market. Max rents currently around 850.00...
OR
Is it just a bad time to buy in that area right now?
OR
Were these homes overpriced to begin with?
Anyone in the Enterprise, AL area that can weigh in?