Hi, I've had my eye on finding a rental property in Lithonia, GA. I live in northern VA so it'd be long distance and I'd acquire local property management.
Can I get your opinion on how you'd grade Lithonia, in terms of A-D class rentals? Generally speaking, you can get a 3/2 SFH for $65-85K and rent for $700-900. If those numbers are off to local folks, definitely please let me know.
Thanks very much for your insight!
Very depressed area with negative population growth and median income way below the national average.
D area at best.
Not a fan.
I think you would be better to wait for property in a nicer area that needs rehab and improve the value that way for a good rental.
Problem is 3 to 4 years ago you could buy for those prices in nice areas but today what is priced in that range is in rougher areas I wouldn't touch. Especially you being out of state is asking for trouble. Cartersville has a lot of positive growth going on in certain areas right now.
Wherever you buy you need to look at current and future land use plan and see current projects happening for the area. Even a 2/1 in a better area sitting on land in the path of progress might be a better investment.
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