BRRRR in Small Town USA
I'm still looking for my first deal. I live in a relatively expensive city, so I'm looking at places 1-3hrs away. I'm currently looking at a few properties in Fairmont, NC.
I'd seriously appreciate help on whether this is a good idea.
I don't have a problem finding 1.5-2% properties. My issue is: will they rent, period? And what vacancy can I expect?
Finding properties that should cashflow *if* rented doesn't seem to be the issue. I'm just wondering if renting out a 4br/2.5ba for $1000 is realistic in a small town of 2500 people (but who are 15min from Lumberton, NC w/ 20k pop, and an hour from Florence SC and Fayetteville NC).
Fairmont data seems 16% vacancy rate *overall* (which includes unsold properties on the market).
There's no Rentometer data, it seems. Craigslist has a few for rent in the 1-1.5% range.
Thanks, y'all!