My fiancee and I currently live in Northern Virginia. We plan to invest in a single family home in Wilmington, NC later this year. We want to buy and rent the property for years. We are looking to cash flow the property while building equity. Which neighborhoods provide the best opportunity for cashflow? Our price range is $175k-$250k.
Any advice is appreciated.
Near the university and downtown are great markets. You can also look around the Ogden area and porters neck. That’s the most competitive price point down here so you will be going up against a ton of first time home buyers! Castle Hayne is a good spot to look for lower cost homes but rents are a little lower out that way.
Great advice @Joe Prillaman
There is also a lot of opportunity north of Wilmington, NC in Hampstead. That town is seeing a lot of growth as Wilmington continues to grow and spread north. There are some properties on the market now in your price range that would make good buy and hold rentals.
Are you looking for a turn key or light rehab opportunity? Silver Lake, sunset park, north chase, kings grant. All good areas to look. I’d also consider looking outside of Wilmington. Castle Hayne , Rocky Point. Good cash flow is tricky to come by right now as our market is on fire, but upside in our market is strong. Happy to connect if you need some more suggestions. Good luck!
@Sean McDonnell , I concur fantastic location!!!!
@Joey Marson I have a few properties in the city all are great for cash flow.
@Oliver Evans , we're looking for mostly turnkey properties. We're willing to put in some work but after factoring in for capex and vacancy we won't have much room in the budget for reno. I really like your idea of Silver Lake. There seemed to be more on the market in that area with more affordable pricing.
I never thought I’d see the day that I’d get an email alert from someone actually mentioning Rocky Point. My day has been made. =D
Definitely, keep it on you’re radar. Properties everywhere here will go very quickly and typically over ask if priced well. I also agree with @Joe Prillaman and @Sean McDonnell , Hampstead is strong as well as Holly Ridge and attract great tenants. We have a strong influx of people moving here and vacancy is minimal.
Happy to make your day! Haha
Rocky Point has a bright future in my opinion.
Agreed! Hampstead has already seen so much growth. Unless they fix the traffic issues on 17, I’m staying away. I am very bullish on Rocky Point and Leland though!
I'm looking for my next multifamily now