Thoughts on Albany, GA

9 Replies

My wife and I took a look at some properties in Albany, GA today. We were looking at a few in the 2nd Ave area and they seemed in great condition, great prices, and a nice area. We meandered through the city to check it out and there were some tough looking parts and a downtown that seemed just ok. So, when we got back home I did a little further digging and saw the issues the city is having with crime, also that there's a huge renter population there.

1. Is Albany worth investing in for the long haul?

2. What's going on with all the crime?

3. Why is there such a huge renter population and does that over-saturate the market?

Would love to hear from both investors there and folks who live there.

Thanks!
 

@Kevin Gidusko Hey Kevin, so I live and invest in Albany. Unfortunately, Albany was hit hard by the recession and is still slowly recovering. Albany is a very blue collar town with your 3 out of the four biggest employers being in manufacturing(P&G, Miller Coors, and the marine base). The crime in Albany has been a problem for quite some time, but there is new leadership and they have been working to get it better, but it's got a lot of work to be done. The path of progress is towards the northeast going into Lee county as that is where the best school district is. That's a little breakdown on the area. So here is my advice, if you invest in Albany plan for zero appreciation and rent roll of atleast 1.5%. Lee county has more appreciation potential but it is more expensive than Albany. If you are looking for straight cash flow you will be fine in Albany. Good luck!

@J. Mitchell Bernier , thanks for that info-packed reply! As we were driving around we kept seeing many established employers and wondered about prices we were seeing/number of renters. Thanks to for path of progress-we also noticed west of town seemed to have a more established suburban feel. We were looking at a few properties on 2nd Avenue-beautiful oak-lined streets there and nice brick homes, but in talking to a fella we meet on the street he said it was bad not too far from that. What are your thoughts? Really bad area or just a little dicey. Some of the crime stats we checked out were surprising. 

@Kevin Gidusko so just like the path of progress the farther west you go the better. All of my properties are on the west side of Slappy, but as long as you stay west of the 800 block of 2nd you should be fine. The 600-400 block is where most of the bad crime is. Now that doesn’t mean it’s guaranteed safe but you will have better chances of not having to deal with the crime problem as much.

J. Mitchell is correct. The crime rate is a little better on the Westside however, people still get shot on that side and theft is terrible. Parts of the county will have less over-all crime because it is out of the way for most criminals. The local news sources do not really report the extent of the crime, but there are Facebook groups that track Albany and Dougherty crime. I do not know the name.

There are good deals and strategies to be had in Albany. What J said about appreciation is very accurate. I think that, in Albany, it is risky to buy for appreciation. A large portion of the taxpaying base has fled for greener pastures. You can see the population changes since 2008 online. 

An hour away South is Thomasville, and an hour away East is Tifton. Both are doing well.

I had a wholesaler send me homes in Albany.  After I looked into the area it looks to be a place to get good rents.  You can buy super cheap and most people there rent.  I'm looking to flip so Albany not a for me at this time.  If I were looking for rentals I'll look more at Albany.  Like it was mentioned Northwest Albany better schools and higher median income.

Originally posted by @Kevin Gidusko :

@Brian Thurmond and @J. Mitchell Bernier thanks again to you both for that great info, much appreciate. Real shame as the areas we saw around 2nd avenue were really beautiful.

Yes sir! They certainly are. If you take a look over West of the hospital, the homes fixed from the recent storm damages (3 major storms in two years), they will blow most folks minds! 

 

I lived four months in Albany and invest mostly in Georgia but I will never, ever own or live below the 'Gnat Line' again. I found it unbearable and unless a huge industry relocates to Albany I can't see tenants going there either. Central GA offers just as much but you don't have to wear a space helmet all summer to keep the bugs out of your eyes and ears. If you haven't been there in the summer just ask a local.