Investing in Rentals Next To Schools - TOUGH Neighborhoods
Have you personally had success investing in a property that is 100ft from a school and in a tough neighborhood? For example, tenants can watch their kids walk to school from door to door.I say tough neighborhood because the city is full of crime, higher unemployment, some blight, and overall nothing of significance taking place in regards to an economical comeback. I have an eye on a few small homes (900sq ft) that are across the street from an elementary school. I can pick these up at very good price and possibly have a payback in 1-2 years.
Since these properties are in reasonable condition and so close to a school I'm willing to chance it on a smaller investment with great return. Have you personally had success investing in properties extremely close to a school? What was your success based on in these "tough neighborhoods"? I would love to hear your comments.
Homes in this area rent between $700-$900/month and have market values between $20-35K.
Income levels are below median household income.
50% African American/ 50% Caucasian.
Schools are poorly rated
People still live in this area!