Posing this question to the BiggerPockets universe! Does anyone have any thoughts or opinions on properties in the Parkland area near Tacoma, Washington? Is this a good area to invest in a multi-unit property? Does anyone have properties in this area and have any insights? Would appreciate any feedback. Thanks!
It has gone up in value a lot over the past few years. The answer to your question depends on your investment goals. What are your goals for purchasing this property?
Thanks for your response. I'm looking mainly for investment purposes and to rent this property out and have it provide cash flow in the next few years.
Parkland is hit and miss. Some neighborhoods are "cute" some are dumpy. I would tell you there is a lot of opportunity out in that market, but as Adrian said, it depends on your goals. A lot of people do really well in Spanaway in terms of cash flow but they seem to have a higher tolerance to C- tenant types. That's not to say that the only type of asset in those markets, but if you are going to by B class or higher property I would suggest looking in the North End of Tacoma, University Place or even large chunks of Lakewood are nice as well.
I would agree with @Jameson Sullivan . I personally feel that Parkland/Spanaway area is mostly a miss and I steer clear of the area however that area doesn’t really align with my goals Either. As @Jameson Sullivan stated this is one spot in the Tacoma area that may actually Cash flow fairly well. On the flip side you will be dealing with C/C- properties in most of the parkland/Spanaway area. As the previous two post mentioned, I would consider what your goals are and then decide if that area fits.
@Vishal Persaud - My wife and I own a duplex in Parkland that has done well for us. We’ve had the same tenants in one of the units ever since we purchased (even after raising rents to market) and have typically filled the other unit within 30 days of marketing it. Like many cities there are more desirable areas/neighborhoods than others. This is why it really helps to work with someone who is knowledgeable about the area.