Is there a most effective way of studying the local and neighboring market besides driving around. I have been doing a lot of driving around but I thought there has to be other ways I can get more info on the market which could possibly save me more time. Is there a site online I can go and pull up the information? Any local real estate news forum? I want to read about the market as much as I can. Any suggestions? Thank you in advance for your input.
I'm going to send you a DM with a good guide.
If you are looking at specific neighborhoods within a market, thats a little tougher. Driving it can be good, use google maps too to "walk" it and search for types of businesses, transit, crime rates, etc.
Cost to buy
potential cash flow
@Dawal Limbachia , driving around is definitely the best method for getting a true feel for the area you are considering investing in, however this is not always accessible/economical.
My suggestion to you would be to utilize the wealth of information that is available to us via multiple government sponsored data-sets.
The american community survey (annual census) is a great resources to start with.
The data can be viewed at a rather granular level, so studying individual neighborhoods is possible.
Some of the data points you can view include:
- Rental Vacancy Rates
- Median Household Incomes
- Median Rents
- Educational Attainment Rates
- Population Counts and Changes
- Home Values
- Poverty Statistics
and much more.
This will give you a pretty good idea of what to expect before ever stepping foot in the neighborhood you are researching.
Other data sets that are valuable are the Bureau of Labor Statistics Current Population survey (CPS), Census Building Permit survey, and FBI uniform crime report.