I am a first time investor, exploring buying a single family home in the DFW market. I am looking primarily at Coppell. Do you all have any tips on how to go about finding a good neighborhood to buy a single family home in. How do you guys zero in on what areas to buy and hold properties in ? I am going by neighborhoods I know attract tenants that I would like to work with, good school districts, proximity to freeways, DFW airport, competition - how many rentals are available. Is there another way I can narrow down my search to which neighborhoods would be the best to invest in. Is there a podcast episode/blog post I can read. Thank you for your time! I really appreciate it.
Selecting the correct sub-market within the DFW metro can pose to be very challenging. That being said, the way I have been able to identify which Dallas markets to invest in is primarily the influx on new corporate jobs, school district, rental comps relative to purchase price, competitiveness, and also look at your own situation. For me, I like to be as close to the .80 - 1.0 percent rule in the Dallas market, but can be challenging. I personally like to look at rental websites to see where SFH have high comps and are not super expensive with good potential for quality tenants.
Hope this helps. Feel free to reach out.
@Jorge Gonzalez --appreciate you giving back some of the knowledge you've picked up. Do you think rent/list is .8-1% in DFW? After running the numbers I just don't see how the 2% rule-of-thumb is applicable here.