What is Working in The Boise Market Right Now?

Question

I'm analyzing house-hacking deals in the Boise area and wanting to hear from an experienced investor here.

Looking for small-multi's, and some work! However, there's not a high inventory. Are there a lot of ADU's in this market? Trying to find out what the ideal property is in this market as a newer investor.

Joey Banasihan · Answer

@Jacob Zivanovich Hey, sorry man I missed this replay (MB!)

Yeah within the Boise area there are some cool opportunities with the Boise Upzoning code to turn SFH into multilple doors, pending the lot, setbacks, etc. Specifically with ADU's.

Our team is currently helping a client get a home in Meridian with a basement that he will be turning it into a separate unit while he lives in the upstairs. After that he will look into converting the detached garage into an ADU; so turning a SFH into 3 doors.

Finding the hidden value and being committed to the long term process goes a long way in this area for sure. Continue talk with Tracy and our team, we love helping folks get started/enhance their investing journey.

Jay Thomas · Answer

In Boise's competitive rental market, small multi-family units like duplexes and triplexes are a smart choice for house hackers, offering both rental income and a place to live while building equity. ADUs are gaining popularity but require careful research due to zoning and permitting complexities. When hunting for the ideal property, consider locations like Boise Bench, Downtown Boise, and the North End, prioritize manageable units, and ensure you understand the legalities of zoning and rental laws.

Joey Banasihan · Answer

Hey @Jacob Zivanovich! General inventory is low, as you probably know, but small multi-families are some of the hottest commodities in the greater Treasure Valley.  You'll have better luck looking in Canyon County (Nampa, Caldwell) for inventory, and vacany rates are currently better out there than Ada county.  But it all comes down to your goals and what steps you want to take.  With Boise, their Upzoning just initiated December 1st which means it provides a lot of opportunities for investors to build ADUs/Additions/Lot Splits for many SFH zoned R1-C (which is practically most of them haha).  So if you find the right SFH, build an ADU, and you have now have two rentals, which do not have to be owner occupied. Happy to talk more, just let me know and good luck!

Jacob Zivanovich · Answer

@Joey Banasihan

Hey man, thanks for replying!

I believe I was talking with Tracy from your same company (I think) and going over my goals and what the housing market cater towards. There seems to be a great community over there.

SFH seems to be the way to go, although a duplex around the $400K mark is ideal but hard to find. I've noticed that some SFH properties in Boise/Nampa area have basement rooms/kitchens that could make for a great unconventional duplex, have you noticed this?

Anna Strausbaugh · Answer

Hi @Jacob Zivanovich! I know you and I spoke about this a bit already, but since the inventory of multi-family around here is low, if you are open to house hacking by renting a single-family house by the room that can be one of the best ways to make the biggest return in this area. I find that you can often times get a better purchase price to rent ratio in single family here since there's more inventory of that type. If you can find a property with an ADU and you're willing to live in the ADU, I think that would be the second best strategy here. Happy to discuss further if you'd like!

What is Working in The Boise Market Right Now?

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