Updated over 5 years ago on . Most recent reply
Whole neighborhood is rentals?
Hi everyone! I'm looking in my markets and happen to come across a duplex that sits in a neighborhood that is completely small multis (duplex, triplex, and quads). We are talking an entire community of approximately 50 rentals and not a single SFH or business. All were built around 2004-2005 but I'm having a hard time finding rental comps. Rentometer says approximately 1300 and the closest place on craigslist was a manufactured housing about a mile away. I've checked hotpads and googled the community but nothing in that particular area.
How do you evaluate properties in communities where there are only rentals? Is that a good thing or does that mean lots and lots of competition? How does appreciation affect that?