2016 Houston Buy & Hold Rental neighborhoods in $70-150k?
Calling all Houston Area Real Estate Investors! My wife and I have some big goals this year and we'd like to get into Buy & Hold Rentals in the Houston area! I think this is going to be a great year to get into the rental market with leverage as we may see depressed prices due to oil and low mortgage rates continue as the Fed considers a negative interest rate.
Let's grow rich together.
I am looking for working class neighborhoods that are safe, generally have good rent rates, where you can buy houses that need a little work in the range of $70k to $120k and maybe have ARV from $120k-150k.
What are some of your favorite neighborhoods, zip codes?
Which are the neighborhoods you all feel are over-saturated and over priced?
What do you typically see in maintenance and vacancies per year?
We're interested in investing within 30 miles of the Heights where we rent.
I believe right now the Heights, Garden Oaks and Oak Forest, Timber Grove, Cottage Grove, Lindale, and similar markets are for the most part overpriced and will not generate good cashflow in good neighborhoods. Additionally, those are typically outside the price range.
Near North Side might work but I think the property values are currently over valued and rental rates too low. And it may be a little more transitional than working class.
I'm not looking for pigs as @Ben Leybovich would call them.
I'm not very familiar with Spring or the Woodlands or Jersey Village yet.