How important are school districts to you when shopping for rentals?
Also, rather than districts, how about individual schools? Districts here are huge. How do you determine if the schools assigned to the property address are any good? It seems individual opinions vary widely and I am not sure about the various sources I have found by googling..
In my area, school districts and the individual elementary schools play a factor in pricing. As a result the better the school system the higher your property taxes for the home.
Homes sell faster in the neighborhoods with the top elementary schools for young families, and they will pay more.
Great question. It depends on the type of investor I am shopping for. Some place higher priority on cash flow, while others are more interested in a buy and hold approach. When retail real estate values turn around individual school ratings are a critically important component.
To answer your question, yes I do take into account individual schools. Here in DFW you can determine the quality of the school from the database available from the Texas Education Agency here http://www.tea.state.tx.us/. It is important to look at the individual school ratings, because as you said, school districts can be very large each subdivision is assigned particular schools within the district. However, please note the TEA is changing their rating system entirely for 2013, and I am not sure what will replace it at this time.
I created map queried from the database to help pinpoint areas to invest for buy and hold investors. Since you are in Arlington, perhaps this will be of additional value to you.
E = Exemplary
R = Academically Recognized
A = Academically Acceptable
L = Academically unacceptable
X = Null Values (for example very small schools or private schools that are not rated)
Hopefully this will help generate some ideas and resources for you Brian.
Did you create this map within the TEA website or transpose the information for the website onto a separate map yourself?
This is one of my favorite sites.
I shows every school and district as well as enrollment, student/teacher ratios, demographics, and free lunches.
I created the map utilizing various databases and a software package called ArcGIS. I use these interactive maps I create on a day to day basis for running my business. It helps me focus my energy on areas best suited for investment and helps direct my marketing dollars.
ArcGIS website: http://www.esri.com/software/arcgis
If you have any additional questions, feel free to shoot me a private message. I don't want to derail the thread with specifics of the software. But be forewarned, you will need database skills (for basic use) and some computer programming skills utilizing python/VBA (for more advanced use).
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing