Should I invest in a home on the "troubled" Westside of Atlanta?
My husband and I are looking to purchase our first home and we are very interested in finding a house we can live in for at least 3-5 years and gain a significant amount of equity. We have scoured all of the neighborhoods and suburbs in the Atlanta Metro area and most of the sought-after neighborhoods are outside of our budget (Morningside, Inman, East Atlanta, etc).
We are looking to stay in the $300k range or less for a home that is turn-key. We are open to getting a home renovation loan and finding something cheaper and renovating, but we still can't get into the prime areas for the budget.
We have been advised to make sure to choose an area insulated with good schools and parks but that's just not possible with our budget unless we go to the suburbs, which we are not willing to do. Although the suburbs may see a small but steady amount of positive equity growth, there is nothing hot and exciting happening in the suburbs to yield any high returns. Plus, we aren't "suburb people". We love intown living and our ideal situation is a house with some character in a diverse neighborhood with community gardens, BeltLine, etc.
We have heard and seen an opportunity on the Westside (Grove Park, West End, Adair Park, Capitol View / Perkerson Park, and some streets in Mozley Park) with all of the exciting developments that are planned or in progress. We are wondering if choosing a home that's walking distance of the BeltLine can serve as some level of insulation since there are no good schools in or around the Westside.
The main question is - will those areas actually develop as planned or can it go backwards? Is it a gamble to move into one of these neighborhoods if the market crashes? Can it still be lucrative to buy a house that isn't in a good school district?
We are very conflicted because we have heard opposite advice from seasoned real estate professionals and developers. The West End was very, very bad just a few years ago and it's already booming with $500k+ homes.
We have a great real estate agent but he only knows what he knows and can't predict the future. I would love to hear feedback from others that may have been in this situation or can just offer additional advice.
Thank you so much!