Flipper · Houston Tx, TX · Member since 2017 · 13 posts · 0 votes
Hi all, I'm new to the Houston market. I saw a duplex which would be a great rehab investment, however, there isn't any parking. I drove around the neighborhood, and there are a few other properties without parking. It is a block away from the new ligh trail train system and University of Houston. Do you think it would still be a good investment?
I say that, but what I really mean is, parking is built into whatever the current situation is. Meaning, if the property is full, but there is no parking, then obviously the tenants don't mind. Or, the pricing of the property is such that it takes the lack of parking into account. If there was parking, the rent would be higher, but so would the purchase price. Thus, parking or no parking, two buildings will likely give the same return.
tldr: Don't let it bother you. If the financials work, go for it
(PS: I own a small 8 unit in 3rd ward with 0 off street parking and I stay 100% full)
Thanks for the input! That does give me a better perspective already. This'll be my first investment in Houston. I hope third ward will be a good place to start.
3rd ward is great. Or rather, its very close to great areas (midtown/montrose/downtown). 3rd ward itself sort of sucks (to live in -- not to invest -- I own a lot in 3rd ward and it's good for that)
I have seen a lot of re development in that area looks very promising. I'll be posting how the purchase went. It needs a full rehab so I hope my numbers are correct!
@Rolando Pena its deff. a low income part of Third Ward. The churches in that area are tying to revitalize that area. If you go a little deeper into that part lots of drugs. But not alot of violent crime. Its gonna grow into a nicer area(hopefully). So dont expect to much as far as rents go right now. But with growth and community redevelopment value and rents will go up. Im actually looking for properties in the same area.
Run your background checks. And enforce no smoking.
Anthony Ellison yeah I have noticed that a lot of properties are getting a total rehab all around. And yeah I will definitely check background checks in that area. Thanks
@Anthony Ellison Interesting to hear that the churches are active in revitalizing the neighborhood (I'm not surprised, just hadn't considered that before). Can you elaborate on that some more?
@Nick S. great example is Holman Street Baptist church. They parnerted with a community development corp and built some nice townhomes in that area. Other churchs are buying/partners on other rental properties, but I think Holman is the best example. Take a lot on Google street view around 3500 canfield to see what they have done.
@Nick S. on the other side maybe a mile away the COH just did a major renovation on Emancipation Park. There is a big push to buy back the community and restore it back to the way it used to be.(WAAAY before you and I were born)
Hey, no offence to people that live there. It's close to a lot of stuff. And I see it getting better and better (though I wish it wasn't getting so good so quick, I was buying stuff there 3-4 years ago under $20k/door).
I'm just heavily partial to the Montrose area as that's where I had a home for a few years. It's where I cut my teeth on investing and where my current office/HQ is.