I have the opportunity to get a 4-plex in my area. It would be my first multi-unit It is in need of some minor repairs to fix up or a bit more to make it much nicer and attract better tenants. My problem is the 4-plex itself is nice, but it sits in a rougher part of town. Do I fix it up, gate it and make it nice or do I keep it and just do minor repairs? I am torn as my other rental property is in a nice area and a nice property that will definitely attract better tenants possibly. My goal is quality long-term tenants and appreciation in the future. Any constructive input would be very much appreciated!
Is the neighborhood improving and in the path of progress? If so, you may get your appreciation and eventually higher quality tenants. If you aren't bullish on the area, it doesn't sound like you'll reach your goals of quality long-term tenants or much appreciation.