As I am doing research on a 8 unit apt building, I am researching what the area is around Mcpherson street and if anyone from there has had any experience/knowledge of the growth around there? Analyzing a potential deal and trying to get all the information I can. From what I can tell on the tax rate est. around 3000/yr tax. The units are under performing and not to market standards with the area. I will post the analysis once I have all the numbers correctly in the calculator. Looking for RE agent in the area that can help me with this and any leads on great Property Management. Thanks everyone!
@Len Leggette Thank you for that :) Based on a lot of other feedback, Greensboro seems to be the market to catch right now if you can find the right people. Do you agree?
It just went under contract after 1 week on the market. Im pretty curious to see the final numbers and what will be finished on the property and how it will be sustained.
Our market is good right now ... probably at historic sales for the area. We have never seen the type of market experienced in the Raleigh or Charlotte areas. Maybe in comparison to those markets you can still find deals here that are not available there.
A lot of investors who are discouraged or frustrated with lack of inventory and soaring prices in Charlotte are flocking to Greensboro, especially for multi-family. You'll hear a lot of mixed opinions on that area, but there's a lot of attention due to inventory and ROI.
My company currently manages 13 units in Greensboro for just such an investor, and 11 of those units are in two multi-family buildings. I'm happy to set up a call and discuss your property and how we can help! I'll shoot you a PM as well.
Are you selling properties? If so are any 200K or under?
Hi Josh, I looked at that 8 unit in Greensboro when it hit the listings but it is in a pretty rough area, so didnt pursue it. Envisioned flat rents, evictions, high repairs, etc. Glad it is in contract for someone. I would love to find a mid sized B or C Class property in Greensboro in a solid neighborhood but as folks are saying there's a lot of money chasing deals. Many larger apartment complexes there are owned by a few local real estate investment firms whose strategy seems to be to hold them. So not much inventory. Good luck!
Hey all, just came across this threat and realized this is probably the 8 unit I bought a few months ago. Wanted to update you all in case anyone is interested in the Greensboro multifamily market.
The buildings were severely mis-managed and under markets rents. Ended up renovating 4 out of the 8 units and increased rent about 45% in each unit. Hoping to do the other 4 over the next 6 months and this will be a great property to hold on to or eventually sell as a turnkey investment.