New to Real Estate · Grants Pass, OR · Member since 2017 · 19 posts · 8 votes
Hello everyone, I found a property in Amarillo that I am interested in. My friend has reached out to the listing agent. I am hoping to connect with others familiar with the area. Thanks in advance for your time.
New to Real Estate · Grants Pass, OR · Member since 2017 · 19 posts · 8 votes
6y
@Jake S Mckinney thanks for the reply! There is a multi family property I am looking at that is north of highway 40 (route 66) and east of Hwy 287. What are your thoughts about that area? One suggestion I had read is to look for properties south of I40 and east of I27. If you have any input about those areas, I would really appreciate it.
Rental Property Investor · Amarillo, TX · Member since 2018 · 17 posts · 15 votes
6y
@Kenny Durrant
That’s a big area that has some different areas within it. So I’m not sure about your specific property location. It’s an oversimplification but NE Amarillo is higher crime and lower appreciation. It can be high cash flow but you will also deal with more headaches. I do deals in that area but all of my buy and holds are in other areas. Hope that helps.
That’s a big area that has some different areas within it. So I’m not sure about your specific property location. It’s an oversimplification but NE Amarillo is higher crime and lower appreciation. It can be high cash flow but you will also deal with more headaches. I do deals in that area but all of my buy and holds are in other areas. Hope that helps.
What parts of town are you invested in? I have investment in Amarillo but do not live there.
Rental Property Investor · Denton, TX · Member since 2017 · 4 posts · 2 votes
6y
@Kenny Durrant
I drove by that property about two weeks ago. The price is great but I had some pretty big concerns for the area. I lived in Amarillo for a couple of years (on the South West side of town) but then moved to Dallas for work last year.
The property itself looked decently cared for. The backyard and fence (chain link) were terrible. It’s directly across from a well maintained school which I liked. There were several transient looking people in the back of the school though.
The neighborhood was very mixed. It had a lot of deferred maintenance properties with some nicer homes mixed in. Within a block or two of the property were several small multifamily buildings that looked scary with a ton of clutter outside. Don’t want to scare you, just wanted the on the ground Intel to get to you! Good luck!
New to Real Estate · Grants Pass, OR · Member since 2017 · 19 posts · 8 votes
6y
I don’t have any properties in Amarillo, but I was looking at a property in the NE part of town. I have heard that may not be an ideal location for investment properties. In what areas of Amarillo do you invest?
New to Real Estate · Grants Pass, OR · Member since 2017 · 19 posts · 8 votes
6y
@Conner Matney thanks for the information. I really appreciate that. Do you have any properties in the Dallas area? There was a multi family property in the Dallas area that some friends and I were looking at.
Rental Property Investor · Denton, TX · Member since 2017 · 4 posts · 2 votes
6y
@Kenny Durrant
Absolutely man! I loved living in Amarillo. It’s a great town with solid people. I actually just purchased my second rental property (a 4bd SF w/ a garage apartment) in Denton, TX. I’m targeting the area in between Texas Women’s University and the University of North Texas. I live about 15 minutes away.
What part of Dallas are y’all targeting? I’m very much a beginner but I’m anxious to learn and grow.
Real Estate Investor · Amarillo, TX · Member since 2008 · 547 posts · 214 votes
6y
@Jake S Mckinney I disagree San jacinto is one of the “investment only” areas that has appreciated the most recently. 1 or small two bedrooms for $35-50k that were just 20-25k year or two ago.
Tons of new investors looking into Amarillo as its won many awards lately for being a good area for rental property owners, many very unfamiliar with the area and just buying based on return. a $40k house that brings in 6-800 a month is a good return to most, and they don’t understand the area they are buying in. Many successful old time investors have dumped a lot of their San jacinto stuff recently because of this spike. San jacinto has a tiny owner occ population and a majority of the area is investment properties bought at a discount.
The area of town for the 8 unit your looking at is the eastridge neighborhood. It actually has a decently high percentage of owner occ houses compared to most northwest Amarillo areas. There’s slowly dying stores right next to brand new ones in the area, one way you drive you’d think the neighborhood is up and coming and another way you’d think it’s about to shut down. It’s a high Asian population area of town.
There are several investors who love the area, it’s appreciated quite a bit recently and many have gotten out in the last few years, several small complex’s in the area have sold in the last few years.
Amarillo as a whole has almost no 2-20 unit complex’s available, and they almost never come on the market, if they do, such as this one, they’re often overpriced imo. breaks down to $36000 per door, under 700sqft per door. although they might not be sitting on the mls, (one forclosure just was, listed under 20 I think, needed lots of work and I’m sure it went for over 20) I think houses in the area are obtainable for that price, and most are bigger sqft wise. there are perks to having multi units for sure, especially as an out of town investor, financing and such, I could just never see paying same price psf for this type of unit when sfh could be obtained for similar prices per door.
You say the north east side of Amarillo may not be a good area for investment properties, but, the neighborhoods are mostly investment properties, rentals and owner financed stuff, every area has owner occs, but a lot of this area is aging and new owner occupied stuff over here is getting rarer and rarer, as the older population dies off or moves away most of these areas become rentals, so I’d go out on a limb and say it’s an excellent area for rental properties assuming you know what your getting into, but, you also can’t expect much when a property cost 37k and rent is only $500 in 2020.
Me personally is the opposite of Jacob, I’d buy in San jacinto all day long, but not interested in Eastridge.
Look into property taxes and insurance. Many out of state investors don’t realize how high our taxes are, it seems this is tax valued at about $120k based off one of the listings I saw (unsure if that is total or per 4 plex not sure if zoned together or separate) but that tax value will probably greatly increase once this sale happens.
Rental Property Investor · Amarillo, TX · Member since 2018 · 17 posts · 15 votes
6y
I agree with Scott about his analysis of Eastridge and NE in general. And yes, taxes and insurance are brutal.
However I'll respectfully disagree about San Jacinto. It might seem that way, but prices have been flat for years there. Amarillo has had great appreciation, but San Jacinto has been the lower than other neighborhoods. Here's a link.
Real Estate Investor · Amarillo, TX · Member since 2008 · 547 posts · 214 votes
6y
Only problem I see with that data regarding San jacinto is id venture to say it’s as high as 90% of the neighborhood that is sold “off market” and hard to track. It’s funny like you said you see people say they don’t want the area, but imo there are far worse areas such as north heights but you never see anyone say they don’t want over there. The revitalization project in San jacinto has many horrible ideas imo, but it’s done wonders for their neighborhood offender cleanup the police have done for repeat offenders. Most of the SJ neighborhood is sold “discounted” “wholesale” and investor to investor. Very small owner occ population, which greatly hurts the neighborhood, owners care about and take care of the property a lot more generally than renters. Imo the spike in properties are all newbie out of state investors in the area.