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.
Investor · Chula Vista, CA · Member since 2019 · 51 posts · 21 votes
6y
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.
Lender · Southwest Georgia · Member since 2017 · 315 posts · 278 votes
6y
@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.
Lender · Southwest Georgia · Member since 2017 · 315 posts · 278 votes
6y
@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.
Rental Property Investor · Niceville, FL · Member since 2019 · 11 posts · 8 votes
6y
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.
@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.
Investor · Chula Vista, CA · Member since 2019 · 51 posts · 21 votes
6y
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.
@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!
Rental Property Investor · Los Angeles, CA · Member since 2015 · 29 posts · 19 votes
6y
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.
Hello! New to the investment world and very interested in Albany for rental income potential. I see some of these posts are from a year ago...any new updates since then re: the market?
Lender · Southwest Georgia · Member since 2017 · 315 posts · 278 votes
5y
@Sara Pierce The Albany housing market is like most markets recently as it has appreciated a good bit from where it was a year ago. Not nearly as much as you see in other markets but has improved. One big thing that is now happening on the rental side is rental vacancies and rental listings are extremely low. Most of the major property managers in the area have less than 5 rental listings total.
The Albany market economically and demographically is still about the same. There have been some recent large businesses come in and bring new jobs but until the Census data comes out hard to tell on if the population and income changes for the area. Albany is still a great place to get Cash Flow, but don't expect or plan for appreciation. Also be very picky about your areas, because crime is still an issue and can be really bad in certain areas. Also the local govt, has been working to improve the downtown and in my personal opinion done fairly well improving the neighborhoods through adding and improving parks and helping clean up some dilapidated houses. Still got a long way to go though.
Lender · Southwest Georgia · Member since 2017 · 315 posts · 278 votes
5y
@Sara Pierce I have not. Tifton is a growing market, but I am unfamiliar with the property management companies there and think there are not that many, which has kept me from investing there. I focus on markets with a military base and a university. Tifton has one but no not the other. But the university, ABAC, has grown a lot in the past 5 years.