Investor · Mentor, OH · Member since 2014 · 7 posts · 0 votes
Hi all! I've been looking at some properties in more rural communities of Utah, in which I don't have experience investing. The returns seem to be higher, but I'd assume the risks are as well in these smaller markets.
I was looking at a property in Fillmore, Ut which pencils nicley and supposedly has rented very well through the years. Does anyone have experience in Fillmore or other rural Utah communities?
I would be interested in that as well. I would be a bit concerned about the tenant class, their (steady) source of income and the associated potential problems in such regions. But I have also not yet looked at the market there (I'm further south), i.e. what units sell for. You, @Ben Clayton seem to have done so and believe it to be worth a shot. What's the average rent in these areas for, say, a 3/2, 2/1 Townhome? Or did you only look at SFH? Possibly multifamily?
@Ben Clayton Fillmore is a place that for most of us in Utah is just a place to fill up with gas on your way to somewhere else. A 17.71% vacancy rate is obscene for utah, but it does appear that a lot of those are vacation homes. It can work if you have a good tenant first. As long as the economy stays good and gas prices stay low, you should be fine. I just keep thinking of 2008 and its affect on rural housing in Utah. When gas prices went to $4 per gallon, values dropped and people abandoned their homes in favor of renting places closer to work.