Hi Richard, as Greg mentioned there's too little information to make an informed decision. Based on what you said, I would suggest you determine and/or do the following:
- Why is the property 80% occupied? Are there down units? Is there no demand?
- To test demand run a "teaser" ad on Craigslist advertising the units
- Why is the population declining? No jobs/industry? I'd suggest researching who the top local employers are. Make sure there's several and that there's diversity. You don't want to be stuck in a one horse town
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
8y
To little information to make an informed opinion. I do a lot of business in small towns across Texas. If you want to reach out here with more information or contact me privately I will be happy to help
Hi Richard, as Greg mentioned there's too little information to make an informed decision. Based on what you said, I would suggest you determine and/or do the following:
- Why is the property 80% occupied? Are there down units? Is there no demand?
- To test demand run a "teaser" ad on Craigslist advertising the units
- Why is the population declining? No jobs/industry? I'd suggest researching who the top local employers are. Make sure there's several and that there's diversity. You don't want to be stuck in a one horse town
Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
8y
@Richard Carr when evaluating the property, do the full market evaluation. You mentioned the town is small, but how close is it to the large metro area? Are there major employers in the 30-50 miles radius? as @Rod Khleif why is the population declining? are there any large employers planning to come to the area? check the crime in the area? and the job market overall. If there's any sign of life, then underwrite the property.