Hello, my boyfriend and I will be looking at two multifamily properties in the Northeast PA area about an hour from where we live. It is a quaint little town but I have noticed that there are a lot of for sale signs in this town and one of the multifamilies has been sitting for 600 days and the other for a little over 4 months. They are both listed in the $140K range but the one that is sitting longer needs more work. What is the best way to find out about an area before we start investing?
You'll want to analyze the drivers in the area and other relevant stats. If it's a quaint town with lots of for sale signs and a high absorption rate, you have to ask yourself why you want to buy into that market. If it's just the sticker price of the property, move on.
@Colleen Brooks what’s the economic outlook in that area with employment?
Any new jobs coming to the area or leaving?
Is the vacancy avg over the past 5 yrs trending upward or downward?
Population in that town increasing yr over yr or decreasing?
What’s crime rate?
There are many other indicators as well.
Use city-data.com census.gov to figure out anything need when it comes to market research.
Thank you all for your reply. The resources will be very helpful.