Looking for any feedback (good or bad) on anyone who has rental homes in the Anderson, South Carolina area and any good property managers they have used. I am looking into a deal where the Owners are looking to retire and sell their 13 single family rental homes. All of the houses are within 2 miles of each other and vary in price from $32,000-$45,000. Rents ranges from $450-$600 a month. Thanks.
I have researched the area a little bit and know that it will depend on the type of landlord you are wanting to be. Of course, as you already know - it depends on the location of all the properties. I think that I know the properties that you are talking about if they are listed on the MLS. You may want to drive to the area and see for yourself. Would love to talk with you more on a personal message or via phone.
My son goes to Anderson University. He rents in the area and we have looked around for the good, have seen some bad and I'm sure there is plenty of ugly. Anderson Property is the PM however you might research more. I believe I know these properties too and they are around the University. Since that would be your market, you may want to drill down on whether those houses would bring value to that particular market. Discuss this with a local PM will tell help. I know there are a few areas around the campus that most students and their paying parents will stay away from.
Thanks for the input everyone. I drove around the area and walked through a few of them with the sellers. The area isn't the greatest, but the current owners have had them for 15 or so years and have had little vacancy. The homes aren't listed on the MLS because the owners said they are protective of their tenants and don't want to sell to any random person. I will be checking the area out a little more in the next few weeks to see if its something worth pursuing. For reference, the homes are located near Toxaway park in Anderson if anyone has any experience or thoughts on that area.
For rents that average between $450-$600 the area's aren't going to be that great... The appreciation on the homes won't be either. In my opinion for this deal to make sense I would ask the seller to carry the note with little down and have them reduce the cost of the houses to get you to a min 10% cap. Looks like their trying to sell it around 8% cap with a 50% exp ratio. Low income families can be very time consuming. I do them in Atlanta but it would be hard to make money off $600 month while paying 45k for the house.
did you end up buying the houses in anderson? how's it going so far? thanks!