Has anyone had any problems with rentals next to a gas station?

2 Replies

Currently have an accepted offer on what would be my first property. It's a 3 family in a good location and the numbers work for me but during my inspection today the inspector asked if it had a clean E21 report to certify that there were no contaminates. I am currently still looking into that but was wondering if anyone had any trouble with a similar issue or any problems filling units/ getting market rate rents due to proximity to a gas station (smell, noise, traffic etc.) There is a mechanic on the opposite side of the home as well. It is on a Main Street in the center of town. Any input is appreciated

@Kevin Wareham Would not be my ideal home to buy for the exact reasons you mentioned. If you can see/smell/hear the noise so will your potential tenants... be absolute sure of the rents # in area. I m not an expert; just my thoughts. Hope it all works out great for you.

We picked a 3-unit up back in 2005 for $46k. It was a rent-to-own & the 'buyers' put down $7400 paying us over 15 years $1300/month & they paid all taxes, ins, maintenance etc. It could only be a cash deal as conv. financing wouldn't touch it at the time. It was next to a propane gas & welding facility that was at one time a gas station. It was also zoned light industrial, & that propane tank had to be 20ft high. Our insurance carrier didn't mind, BUT when the city more than doubled our tax assessment we fought it & won based on the propane tank.

It also backed onto a huge stone crushing/cement plant so fine dust, 5am diesel truck start-up noise etc was common BUT the 'buyers' loved it. We held it for 9.5 years before evicting them but collected a lot of cash flow. They did keep it rented for the entire time they occupied it & the last upper tenant was paying $850/month when we evicted them. But by the time we took it back the 'gas/welding' facility had shutdown & it became a Pet Cremation franchise !!!

We quickly sold it for about what we originally paid & it has since been completely rehabbed at great $$$ ???