Anyone on here invest in or around Blackfoot Idaho or know much about the market? We are considering purchasing a duplex there which is renting out for $800 a side right now but we are a bit concerned about being able to consistently rent it, and if the area will grow enough in 10 to 15 years to increase our equity at all.
Being a Idaho native I can tell you minus Magic Valley area, Boise, and Courd A'lene in the north, Idaho cities don't have a great growth rate. There not a great appreciation for property. Also Blackfoot isn't near enough to any of the larger populations to really grow. If you Google: Blackfoot Idaho population growth. Your first link will show you a good breakdown.
I invest/live in Pocatello. Both Pocatello and Idaho Falls are growing a ton and there is a shortage of housing and the market is really hot. You shouldn’t have any problem keeping them rented. Invest for cashflow and not appreciation and you will be fine. Just curious where you are finding this deal. There are no duplexes in BFT on the mls.
I have not purchased anything in Blackfoot, but have purchased two rentals in Pocatello. I feel that Blackfoot will have a slower growth compared to Pokey, Idaho Falls, and Rexburg. I feel much better investing in a college town.
Blackfoot seems to be an area that might be just out of range from these other cities for growth. Just my opinion. I would take a closer look at Pocatello and Rexburg. Rexburg seems to be booming and i think will continue to grow. Brigham Young University went from a two year to a 4 year several years ago, which has had an impact on growth.
I found a great realtor in Pocatello. She is also an investor and property manager. This is one of the reasons i am investing in Pokey.
With that said, if the duplex is cash flowing and purchase price was good and repairs were minimal, I personally would consider it. I am a new investor and lots to learn, so take my comments with caution.
If you would like more info on Pocatello and my realtor, send me private message.
I think you are better off sticking to Pocatello or Idaho Falls. As a Realtor I have seen some very good vacancy rates in these towns. I've talked to a few investors and they've told me that they haven't had more than a month vacant in the past 5-10 years, minus times when they were rehabing and such.
While attending ISU in Pocatello I did know some students that rented in Blackfoot, but it is pretty rare.
I have never been personally involved with real estate in Blackfoot, however, in speaking with others who have, I've found Blackfoot is great because the purchase price to rent ratio can be so much better than surrounding areas. While it isn't growing like IF or Rexburg, population statistics don't paint the full picture of Blackfoot because so many people live nearby in the county outside of city boundaries. Keep an eye on Bingham county as a whole and factor in/out Shelly's impact on those numbers. Rexburg and the greater Idaho Falls area have had significant rent increases over the past few years and have no signs of slowing down.
@Monika Christensen Actually Blackfoot does really well. I have not yet purchased anything there yet but I would not be afraid to. The area is growing. I have heard from some people that live there that there are plans for some large manufacturing plant to come there bringing jobs. It is in close enough proximity for people that want a smaller town feel but can still easily commute to Pocatello or Idaho Falls. I almost bought my first purchase there of two fourplexes a couple years ago but the seller wasn't budging on price, but he was renting 1 bed units for around $800. I have an acquaintance who just made an offer on a medium sized complex there. I have seen a few over time that I would have purchased if it weren't for one or two things that I just didn't like about the property itself. It is a smaller town, yes, but rentals are still in demand.
Monika, we bought an 1800 sqft home in Blackfoot in 1993 for $84,000. Zillow shows the home is worth $275,000 now. We bought a 40 acre farm with the house for $1200/acre. We installed a pivot for $750/acre and sold the farm in 2007 for $4250/acre. The farm is now worth $7500-9000/acre.
My in-laws bought the home next door to me in 1993 for $55,000. We bought that home from my father-in-law in 2014 for 125,000. Zillow values it at $175,000.
Appreciation comes in spurts.
The Blackfoot area is a desirable location, with good schools and a short drive to shopping in either IF or Poky.
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