Anyone have any advice about this property in Little Rock, AR?

5 Replies

Hi, 

I was just wondering if anyone who has experience in the Little Rock market had any advice for this property or the area in general. The address is: 8914 Fair Haven Rd,

Little Rock, AR 72205. 

The reason I'm looking at it is cause it seems like a nice property compared to what I can get when renting. The goal would be to buy this and live in it for three to four years and then sell, or rent it out preferably (using property management because we plan to move away from Arkansas). We drove through the neighborhood and it seems quite peaceful, but all of the homes are older. If I'm looking at solely mortgage payments versus rental prices, it seems like a good idea. However, we only have about 7k saved up, and would prefer not to have to use all of that on buying a house so we would probably have to leverage a first home buyers type loan and maybe a down payment assistance type loan. Not sure how we would handle closing costs. 

I do want to have rental properties in the future, so I thought maybe buying a home to live in for a couple years and then renting it when we leave would be a nice way to start that process, but just not sure if it's wise to do it now. Am I right in thinking this is not such a good idea for us at the moment? The house just looks so nice compared to what we can rent... but I don't want to do something like this if it's too risky financially. 

Thanks!

@Jacob W. in general the areas inside the I 630 are good choice. 

this areas looks fine according to the Crime map here.

Perhaps try to get First home buyers loan with low deposit.

Thanks for the reply! Good to know.

It is in a SERIOUS flood plain and is in an area surrounded by rental properties that are not well maintained.  Drive Dryad, Nebling, and surrounding streets before pulling the trigger, and see what flood insurance will cost.

Originally posted by @Mark Rogers :

It is in a SERIOUS flood plain and is in an area surrounded by rental properties that are not well maintained.  Drive Dryad, Nebling, and surrounding streets before pulling the trigger, and see what flood insurance will cost.

Interesting, thanks for the heads up. I think we may just stick to renting for the time being and hold off on getting a house or rental properties for a few years. 

Living in it and renting it out are two different things. If you bought it at whatever price you're thinking about, would it hit the 1% rule? If not, and your long term plan is to rent it, you probably shouldn't buy it. 

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