Neighborhood Ranking System

5 Replies

I am looking into a multi-family apartment building out of state. I am trying to figure out what type of neighborhood it is in whether its A,B,C or D ranking. How would I go about doing the research into this? Is there a website or service that provides this information? I would appreciate some feedback. 

Thanks, 

Ryan 

There is no list that I know of that just ranks neighborhoods like this. But you can generally gauge the neighborhood based off of median house hold income, median house value, and just by 'driving' the neighborhood on Google Street View.

Areavibes.com has some good neighborhood maps, but they are only for larger cities I believe. 

Second Area Vibes for an actual letter rating. Not sure on the quality of the rankings but a member of my team really likes it. It breaks down into Housing, Amenities, Crime, and a few other stats. 

City-data.com is still my favorite. It doesn't do ratings, but you can drill down into cities and zip codes and see lots of demographic, housing, and income data. You won't be able to isolate to a specific neighborhood, but you'll be able to understand about as much as you can from a pure data standpoint.

Originally posted by @Ryan VanDuyne :

I am looking into a multi-family apartment building out of state. I am trying to figure out what type of neighborhood it is in whether its A,B,C or D ranking. How would I go about doing the research into this? Is there a website or service that provides this information? I would appreciate some feedback. 

Thanks, 

Ryan 

 Ersi identifies 55 unique levels of residents in hoods and breaks down the percentage in each zip. This is what a company like starbucks uses. You can check their zip look up free. 

Rentfaxpro scores rentals properties for a variety of factors like pms quality available and rent collectability. Lenders use them. They also have some free look ups. 

Good luck!

@Ryan VanDuyne

There is no hard and fast methodology for assessing multifamily neighborhoods.

Nonetheless, there are a few things to consider:

  • Median household income
  • Median property value
  • Google street view and take a tour of the neighborhood
  • Local amenities
  • Strength and diversity of local economy
  • Crime
  • Also use the MLS and Realtor.com to get data on listed properties
  • Listing agent to get documents

Some good online resources I use:

  • City-data (extensive database)
  • Rentometer.com
  • Padmapper
  • Zillow/Trulia/Redfin: good for SFRs + reports/tools. The average consumer does not use the reports/tools which are a great way to help you get more granularity in your analysis and develop custom maps
  • Zipwho: income and other stats
  • ESRI Demographics data by zip code: Love this! They break it down into many variables. Helps in visualizing a map and provides interesting notes. Play around with it.
  • Areavibes.com
  • CrimeReports.com
  • Rentfaxpro

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