I own a rental in Ontario, Or and was wondering if anyone had any insight if it was a good time to sell in this area. Also, what type of future is Ontario headed for or is it a stagnant area where home prices will always stay around the same as in the past.
You'd have first hand experience of it.
Has your rental increased in value over X time period?
How is Rent in that area?
Ontario, Or - Population is Less then 12k, seems like rent/vacancy could be higher then other parts of Oregon.
Welcome to the Forums.
Rents are not to bad and the home meets the 1% rule. As far as increased value, I don't want to, at this time pay for an appraisal if someone on here has some more experience in this area. I checked Zillow and the others but I don't know how much value I want to give these online sites.
Just ask a realtor to run comps for you simple as that..
keep in mind much of rural Oregon has been in a deep recession depression going on 20 plus years
There will always be "buys" even in rural areas, there may not be much appreciation - but the cash flow is there as long as the house is in a semi-populated area. 12 k Is really pushing it, I usually go 20k or more with a steady increase. Medford fee's pretty capped right now, I have a bunch of vacant lots next to my house that havn't been built in over a year.
I personally own 5-units in Ontario, OR. I agree that home values likely won't move much. I bought some strong value adds and was able to cash-out refinance to make them really worth my time.
I would say if you aren't seeing cash-flow and you want to look elsewhere, now is a good time to sell since the market is good over there.
Thanks everyone. I decided to put if on the market. It doubled from what I purchased it for four years ago. Not bad from what the realtor told me. We will see..
There are some very interesting properties in Ontario at this time. The prices are super low compared to 30 minutes east. I know this is a much lower income area, but there seems to be a fair amount of opportunity to purchase low (comparable to treasure valley). Is this market worth it? I know you are getting out of the market but in your experience?
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