We know a few investors in that area who like purchasing SFRs, but not too sure about MFRs.
However, across the board, if it's a good cap rate and cash flowing, that's most important. Make sure it also has a good DSCR greater than 1.1. We use rentometer.com to give us a good estimate of how much it'll rent for.
Hi Asela . Thanks for responding . I don’t see a lot of post for Garland here. Cap rate is not great at 6% but I think there is potential since owner paid all utilities . Do you manage in Garland ?
@Ferryawaty Effendi I went online and found this information for you. This is an apartment complex that is close to Garland High School. I then took this address and put the address into rentometer.com to see what the the avg rent is in the area.
Also, something that I look at when looking at properties is what is around the area. Is it close to a Whole Foods or Starbucks? If so this is a good sign. Whole Foods and Starbucks have huge market research teams and they tend to place their stores in well off and up and coming areas.
I hope this helps:)
Garland is a doing well on rental market due to its proximity & location to Dallas downtown & highways.
I am Realtor in Dallas area and let me know if I can be further help. How much are the rents & asking price? I can assist you with comps. PM me
Garland is a fairly large area. The more affluent area is North Garland. Southern Garland is older and less affluent, although there are some nice established neighborhoods in south and mid-Garland as well. I have a single family rental in Garland that does pretty well. I don't have experience in multifamily but would like to invest in multifamily in the future.
Thank you for the tip. I didn’t get the units another investor pay over asking and money hard day 1 $50,000. 😬