I'm a newbie that is just beginning to look at properties to purchase purely for investment purposes, any help and opinions would be much appreciated...
I currently own a SFR in the Hillcrest neighborhood of Little Rock (LR). I have, however, been looking at a property near the SOMA district but probably a bit outside of that particular area. I am in the military and have since moved from Little Rock, but consider myself relatively familiar with the city.
The property link is here:
2221 S Scott St. Little Rock, AR
My questions are:
1) This property neighbors a multi-family property (also for sale) that is 24 Units. How much should I factor this into the value of the property and the ability/challenge of renting it out? Will this significantly affect what I can ask for rent?
2) Is anyone more familiar with this part of town, I know its improving in the historical parts of SOMA, but is this too far out?
3) Any other factors I should take into account that may be easily missed?
I lived in SOMA a few years ago, and while it's grown since then, I'd say the property in question is still a little far from the desirable SOMA classification. Not that it's a bad deal.
Side note, I'd love to get my hands on that 24 unit complex next door.
Thanks Matt for your input. I understand it's not considered in the SOMA neighborhood but would you avoid this particular area in your experience living there? I've driven around there a few times, but I'm unclear as to whether or not it's getting better or worse.
It doesn't seem to be getting any worse, and isn't really a bad area. Just not SOMA. If I found a property in that neighborhood that worked for me I'd go for it, most of my rentals are in much worse areas. But that's just my non expert opinion.
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