Colorado investor here just starting to research the area. Curious if you can hit close to the 1% rule in Idaho and where those areas might be. Thanks for your input!
@Chris Billington That is tough in the Boise area for sure. Others might be able to speak to outlying areas. The thing Boise has going for it is population influx... and long term prospects are strong.
@Chris Billington You may still be able to find some in Eastern Idaho, around Pocatello or Blackfoot, and some other smaller surrounding cities. However, they get offered on very quickly and if the seller leaves the window open for more offers, they will almost always receive multiple high offers well above asking. But it can be done, in most cases though they will not be necessarily turnkey, they will probably require some repairs & updates. In Idaho Falls back in Spring or early Summer I placed a bid $10k over asking on a 4 plex because the numbers still worked enough for me, but I was still outbid by someone that offered "substantially" over asking - words of the listing agent. It's a crazy time right now with people being over-confident.
It is really tough although I have been able to find a couple this last year that meet the 1% rule but they are not listed on the MLS. I market and find these properties on my own. As an investor and rehabber I have not bought a property on the MLS in the Boise area for 1.5+ years.
I bought one last your off the market, but I would definitely call that an exception, not a norm, and I had to put a ton of work into it. I would scope out East Idaho if you are really set on sticking to the 1% rule.
Boise area offers a lot of other opportunities. There is a lot of growth in Boise, and particularly in some of the other surrounding cities. Feel free to reach out for a little more in depth analysis