South Jordan, UT · Member since 2015 · 12 posts · 1 vote
Does anyone know how the Twin Falls, Idaho market is for rental properties? I recall my brother telling me once that it was "really hard" to find a place to rent in Twin Falls, and since it isn't all that far from where I live (Utah), I thought it may be an intriguing place to check out for "buy and hold" opportunities.
All I know is that the homes seem to be a lot less expensive there with prices well under $200k for 3b/2b, and rents seem to be around $1100/mo for a 3b/2b (per zillow).
More than anything, I'm looking for someone to talk me out of this market :).
The 200k number you gave i think is a reflective of average going market rate but as an investor, you're always looking for a good deal hence the expectation is that buying price should be significantly lower than average going market rate. There are several mechanism you can implement to achieve this goal. You should make every effort to meet the 1% rule. I have driven through Twin Falls several times when i am going to Boise It is a nice town, i love it there. I have always wanted to have a piece of Twin Falls pie but i have not been able to get a good boots on the ground realtor or partner to work with.
I am sure you can find a good deal meeting the 1% rule in that market
Yes Chobani is there. They opened a 450 million dollar plant there. They say that it is the worlds largest Yogurt manufacturing facility.
If you find a good deal there and need someone to partner with then please let me know
FYI......The average vacancy rate for state of Idaho is about 6.9% +-2
--Sorry, I don't know enough about the area to talk you out of/ or even to talk you into Twin Falls...
-I'm only posting because I've heard there is a decent amount of industrial growth there lately (Chobani???) yogurt plant expanding there- among others I can't think of right now... So, some improvements in the local job market- in addition a couple of small universities there...
Sorry, not much help, but I've been pondering that market also...
Does anyone know how the Twin Falls, Idaho market is for rental properties? I recall my brother telling me once that it was "really hard" to find a place to rent in Twin Falls, and since it isn't all that far from where I live (Utah), I thought it may be an intriguing place to check out for "buy and hold" opportunities.
All I know is that the homes seem to be a lot less expensive there with prices well under $200k for 3b/2b, and rents seem to be around $1100/mo for a 3b/2b (per zillow).
More than anything, I'm looking for someone to talk me out of this market :).
Hello and welcome! Even though I don't know anything about that place I have heard too many bad things about rentals. You are better off sticking close to home and do some sort of buying and selling. You can usually make more funds that way. You can add value doing that. I am 59 years old and I found BP about 4 months ago and I am still learning. I graduated from college with honors and I got a degree with emphasis on real estate and I got a broker license in 1980. Regardless of what I got a degree in I felt more comfortable being in the construction business. I have been in the construction business since I was 17. If you think I might be able to help you please contact me at any time. Good luck!
Denver, CO · Member since 2015 · 251 posts · 123 votes
10y
There are far more experienced people on this forum than I and maybe they will jump in here, but looking at basic numbers I don't see that $1,100 per month in rent on a $200k property makes a reasonable profit.
There are far more experienced people on this forum than I and maybe they will jump in here, but looking at basic numbers I don't see that $1,100 per month in rent on a $200k property makes a reasonable profit.
I agree with that. I am of the opinion that monthly rent needs to be close to 1% of purchase price. That said, if the purchase price were closer to $150k and rents were around $1,100, I might be interested in that when considering other factors (proximity to me, market conditions, etc) and knowing rents tend to increase over time.
The 200k number you gave i think is a reflective of average going market rate but as an investor, you're always looking for a good deal hence the expectation is that buying price should be significantly lower than average going market rate. There are several mechanism you can implement to achieve this goal. You should make every effort to meet the 1% rule. I have driven through Twin Falls several times when i am going to Boise It is a nice town, i love it there. I have always wanted to have a piece of Twin Falls pie but i have not been able to get a good boots on the ground realtor or partner to work with.
I am sure you can find a good deal meeting the 1% rule in that market
Yes Chobani is there. They opened a 450 million dollar plant there. They say that it is the worlds largest Yogurt manufacturing facility.
If you find a good deal there and need someone to partner with then please let me know
FYI......The average vacancy rate for state of Idaho is about 6.9% +-2
South Jordan, UT · Member since 2015 · 12 posts · 1 vote
10y
Thanks, Jack! Just curious- where did you get that vacancy stat? I've seen vacancy statistics for apartment buildings but not including single family homes. If I get serious about purchasing in TF, I'll get in touch with you.
Specialist · Salt Lake City, UT · Member since 2015 · 533 posts · 378 votes
10y
Brad,
I work in the Idaho market. I have not bought or wholesaled anything in Twin Falls but I have done quite a bit in Idaho Falls, Pocatello, and Caldwell. If Twin Falls is anything like Pocatello you can get great deals on multi family properties. I currently have 8 for sale in Pocatello. They all beat the 1% rule. I have done a couple of houses as well. I bought a house for $94K and lease optioned it out for $800 a month. Would not suggest that strategy on the low priced houses. If you are looking for good deals in Idaho or would like to know more about the market I am happy to chat with you.
South Jordan, UT · Member since 2015 · 12 posts · 1 vote
10y
Thanks, @Jeff Rappaport, from your experience is it pretty challenging to achieve the 1% rule target in Idaho with single family homes? I would imagine a few years ago during the downturn and first few years of recovery it was probably possible, but is it still?
Specialist · Salt Lake City, UT · Member since 2015 · 533 posts · 378 votes
10y
@Brad Morgan, it really depends! I sold a small two bedroom house a few months ago in Pocatello for $45K and she gets $650 per month. I think you will need to focus on the smaller homes but it is still possible. As you get in the bigger homes and around $100K I don't think you will find many that will meet your 1% rule. You will do better looking in some of the smaller areas like Pocatello, Idaho Falls and Twin Falls. As far as multi family goes, everything I have sold exceeds the 1% rule.
Gooding , ID · Member since 2016 · 5 posts · 1 vote
10y
Hi, my name is Dustin, I know the area very well. I think there is tons of opportunity in twin falls right now. Honestly I think this is the best time to buy. I'm not sure how long this window will be available.
There are so many new businesses coming into the area and creating so many new jobs. Plus twin falls is beautiful, clean, and a fresh place to live.
My wife and I buy and sell, rehab and rent. We also own Select Property Manangement and manage other people's investments for them.
If your interested in investing in the twin falls area and would like some help just send me your contact info and maybe we can work together. There is a lot of opportunity available right now. We can help you buy and rent a house, rehab and rent foreclosures properties, or multi tenant units. We would love to work with you.