I'm fairly new to BP and appreciate all the information on this platform. I live in CA and currently own a single family home here as well as two single family rentals in Las Vegas and Colorado Springs. I'm looking to buy a duplex or fourplex in 2020 and would like to get some ideas / recommendations regarding cities and neighborhoods. Ideally I don't want to spend more than $400-500k and would like to avoid extensive renovations. Thank you in advance for your opinions.
I just looked at 4-plexes today...perfect timing!
I was looking at 4-plexes in the 350K-450K range and the supply is low. I lot of them are in rough neighborhoods and the condition of of the properties aren't great, probably alot of deferred maintenance. Personally, I think most of the 4-plexes are way overpriced for what they rent for. It would be extremely difficult to get decent cashflow. On the positive, my realtor believes the rental rates are still going up and it seems that there is more demand than supply of affordable housing. It may be a different scenario in the 500K+ range.
@Julie Dillon Thank you for your message. What local market were you referring to?
This is the Las Vegas market.
I am finding that 1-4’s are so easy for anybody to finance that the price compared to rental income is pretty poor.