Any investors active in the Jacksonville, NC area that have good local knowledge about the market
Hey Tom, I've been investing here in Jacksonville, NC for 15 years. How can I help you?
Hi Jim - what do you think about the SFH rental market? I would think there are many military families in the area in need or are they mostly on base? What about the current sales environment if we wanted to divest our portfolio?
Hi @Tom Wagner , I own a home down there and am active duty out of state. The market is steady right now and the Marine Corps is growing in size meaning Camp Lejeune will be gaining more residents. Base housing is trying to incentivize living on base but many families chose off base. The rental market is pretty strong in my opinion but there will be high turnover. In my opinion the inventory is stacking up regardless of the base growth and it scares me. Lots of new developments going up (my home is in one of them). Due to this I got my tenants to sign a lease option and will hopefully be selling this year. The home values in my neighborhood (Town Point) have gone up this year which is nice, I just don't know how long it can last with the expanding inventory. @Jim Stallings knows better than me on the market, so I would get his take on things. Best of luck!
Been in the area for most of the last 15 years. Rentals will always be strong but rates don’t move much due to the competition. Lots of new cheaper homes as mentioned that incentivize folks to buy but then they leave in 2-4 years and have to dump their house or find some cheap PM to manage it. Lots of turnover due to the military churn but that means you will always have a lot of potential customers. Like anywhere else schools make a difference. Closeness to the base or the water can bring in a bit extra. There is a stigma about investing in military towns that I believe is unwarranted. You have a range of home types and prices and a range of potential renters from well qualified to less that qualified. Do your research and background checks, buy at a reasonable price, set your rent to what the average is in your area, don’t count on annual rent increases.
I'd piggyback on what @Nathaniel Cherubini and Ben H said. Rentals a fairly strong right now. Two to four years ago was a much different story with all the new construction on and especially off the base, back them you I would certainly to stay in the rent range of $800 to $1,100 when you get over that amount you limit your tenant pool. I pulled some metrics for the Onslow County are and there are a total of 5,862 rentals, 5,255 rented, 604 available rentals all the following numbers are averages: rent $864, year built 1983, lot size .52, Beds 2.66, Baths 2.17, Heated Sq Ft 1355, Lease Price per SqFt $.68, Days on Market of available rentals 59. I hope some of these numbers help you! If I can be of any more help just let me know!
The rental market is stronger than it has been in quite a few years. I am a REALTOR/ Property Manager/ Property Investor in the area. There are only 251 active SFH rentals in all of Onslow County right now. Significantly lower that it has been in years. There are some really good neighborhoods that are close to base, but just outside of the city limits, so you don't have to worry about city taxes in these areas. Some of the neighborhoods outside the city limits do have community sewer systems, but many are on septic. I prefer the properties hooked up to community sewer as you can pass the monthly sewer bill onto the tenant. Septic repairs/replacements can be costly and have dealt with handling those issues for clients and it is not fun. I have assisted a few people purchasing their first investment property in the area over the last few years. i would be happy to talk to you in greater detail.
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