1. Location: Anyone have any thoughts on south silver lake (a little west of sunset and alvardo) as a location to invest in. We are looking at a duplex (live in one and rent the other).
2. Rents: Do you find rentometer, zillow and craigslist reliable tools to figure out market rent. The math for us all depends on how much we can get for one of the units. (One unit is 3 bed/2 bath and the other unit 2 bed/2 bath, essentially new construction).
Any other thoughts would be welcome!!
Welcome @Sherry G. That area is definitely hot right now. Property north of Sunset is generally more desirable, but that whole area is growing. Do your due diligence and make sure the numbers work out, but it seems like a good area for long-term growth to me, but it's all speculation. If the hipsters get tired of it, who knows?
I like to use Padmapper (it essentially collects data from craigslist and lets you view it on a map) and Walkscore to find what people are charging for rents. I don't know of a resource that publishes existing rents. You may want to call around to a few property managers who specialize in that particular pocket and see if they are willing to give you an opinion on that.
Thanks David! Do you think renting a brand new 2 bed 2 bath for 3k would be an absurd expectation?
I manage ~400 units in that area. It is conceivable that you would get $3k if everything is absolutely perfect (parking, w/d in unit, AC, hard wood, etc.). More likely you'll end up around $2500-2800.
Thanks for the input Moses. Do you think 486.sq foot for a renovated/new construction is steep.