Rental Property Investor · Athens, GA · Member since 2019 · 11 posts · 1 vote
I'm a relatively new investor, currently living in Athens, Georgia. The price/rent ratio doesn't work in this area, so I was looking to see if anyone could speak to any gentrifying cities/towns in the Southeastern states that are proving good cash flow and have some properties under $100k purchase price preferably. Thanks in advance!
Here is a resource that may help you with your search
It's a spreadsheet that lists all the incorporated places over 10k in population contained within the East South Central and South Atlantic Divisions of the USA.
I have ordered all the cities by median home values since you stated you are interested in properties under 100k
I have also included the rent to price ratio for each area as well as two metrics that correlate with gentrification (educational attainment and poverty rate)
Once you have filtered you search down to a few cities, I suggest looking into the sub markets for each of them.
Here is a resource that may help you with your search
It's a spreadsheet that lists all the incorporated places over 10k in population contained within the East South Central and South Atlantic Divisions of the USA.
I have ordered all the cities by median home values since you stated you are interested in properties under 100k
I have also included the rent to price ratio for each area as well as two metrics that correlate with gentrification (educational attainment and poverty rate)
Once you have filtered you search down to a few cities, I suggest looking into the sub markets for each of them.
Thank you Art! I love your QuantMaps tool -- very helpful. Can you analyze specific neighborhoods or zip codes within larger cities, like Pittsburgh for example? I ask, because the overall city-wide metrics may not be initially attractive to an investor, but a particular neighborhood/zip code within a larger metro area could be attractive...
I live and invest in the Athens area, as well. What kind of price/rent ratio are you looking for?
Hi Ryan, I would be trying to find something close to the 1% ratio, which it seems is very hard to come by around here, unless in a Class C or less neighborhood. Do you invest in the area yourself? I would likely be trying for the BRRRR strategy with fixer-upper SFRs or MFRs in a target range of $80-150k purchase price and a $150-200 ARV. It would be nice to work in "my own backyard," but it seems to be such a distinctly seller's market here, that I don't see it working at this time. Any suggestions are welcome.
@Thomas Whittlesey Thank you for your question and welcome. I also live and invest in Athens Ga. You are quite correct that the product that is currently on the MLS does not pass muster when one starts crunching numbers. There are however still deals on the table one must look for a different approach to get those deals. I have been looking at New Port Richey in FL as a potential place to invest. And the Mexico Beach are in Fl as well. Good luck. Message me if you would like to talk more in-depth about the Athens are market.
I'm a relatively new investor, currently living in Athens, Georgia. The price/rent ratio doesn't work in this area, so I was looking to see if anyone could speak to any gentrifying cities/towns in the Southeastern states that are proving good cash flow and have some properties under $100k purchase price preferably. Thanks in advance!
Even if buy and hold residential properties on the MLS don't provide enough cash flow right now, doesn't mean there aren't places that make sense within an hour of where you live. Investing OOS is definitely doable, but requires capital, credibility and systems that in my opinion is much easier to generate relatively locally(within an hour or two drive) where you have a competitive advantage and then branch out from there.
@Thomas Whittlesey Thank you for your question and welcome. I also live and invest in Athens Ga. You are quite correct that the product that is currently on the MLS does not pass muster when one starts crunching numbers. There are however still deals on the table one must look for a different approach to get those deals. I have been looking at New Port Richey in FL as a potential place to invest. And the Mexico Beach are in Fl as well. Good luck. Message me if you would like to talk more in-depth about the Athens are market.
Thank you Georgui. I was also starting to look into some markets in FL. I will message you and hopefully we can connect at some point. Thanks again for the feedback
Thank you for the feedback Bill. Sound advice, as I don't have a wealth of resources/capital for long distance right now. I am new to the South Atlantic and RE investing, though I do have two doors under my belt in CT where I have a better network. Just out of curiosity, seeing as you're a PA man, would you recommend any submarkets in Philly or Pittsburgh. I heard they were strong. Thanks again for the help!