What are thoughts on rental property near train tracks? I looked at a property today and it seems to be an overall good house with solid cashflow potential. BUT there is a train track that is really close to the property. Has anyone found that this has a significant effect on rental prices? I didn't even notice the train tracks were that close when we were there. But then I noticed a picture of a train in one of the professional pics on the listing when I was looking back through it.
It's a newer C+ rental neighborhood. Neighborhood rents are in the $750-$900 range for a 3/2.
I would guess for welfare (S8) it should be fine. Regular working indivulaes not so great.
From personal experience, I once lived in apartment in the direct line of the main runway in Providence (T F Green). What a pain in the neck! I agree with the sentiments in the prior posts. The proximity to the train tracks may limit the amount of applicants and rental income. You do remember the movie ‘My Cousin Vinny,’ right? LOL!
Thank you all for the input!
I think are going to put in a low offer and see what happens. I re-calculated numbers using the lowest rent in the area (instead of comparable properties) and the MLS asking price. Even with those "worst case" numbers the numbers still make sense. So if we can get them off list price a little it could be a pretty sweet deal even taking into consideration for below market rents.
From my brief walk-through, it appears to be close to section 8 ready. So that will be a solid back-up plan.