I have been researching and visited Valparaiso, Indiana and am looking to buy multifamily or single family for rentals both near the University and not near the University. Anyone have experience in that market?
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Yes, I have experience as an investor, and additionally I have lived here my entire life. I would say most Multi family properties are very expensive, and not worth it unless you find a deal. Many of the houses down town near the campus are old, and really there are few Multis to choose from. I'm always looking for deals, and unless you know someone, the mls doesnt have anything worth buying. There is a 4 unit for 190,000 currently, but its all 1 bedrooms, and it looks run down, in the worst street in Valparaiso. Ive bought properties in a nearby city of Lake Station, I feel like you can get the best value for rentals there in the area. Yes its not a nice city, but crime is fine, and rent is still high for low purchase prices. Feel free to ask any other questions and Ill try to help.
I am looking at small multi-units in Michigan City, not a lot to pick from but they cost a lot less than Valpo. May also look in Portage.
Thanks for the kind offer.
If you had to name three sections of town I should focus on for single and multifamily what would be their cross streets? Or if another town nearby what town (like Chesterton or Lake Station etc...
Hey, Dennis. We are a turnkey rental provider in NW Indiana. Eric is spot on. It is tough to find deals in Valpo. It has excellent schools systems and investors are competing with home buyers for deals that are not full rehabs. However, there are deals available throughout the market. Lake Station, Hammond, Hobart, Merrillville are just a few of solid areas you can find good cash flowing deals.
I have lived in valpo my whole life and know of a few people who invest here. As some of the others have said, it is a pricy area right now and I personally don’t think it is worth it unless you buy off market and get creative in your financing ways. I personally invest in La Porte but that is because I work there and i know area well. Michigan city is on my list at some point. Portage, Chesterton, even westville seem interesting to me because of how close they are to the highway that goes to Chicago. Good luck and hope I helped!
I will answer all individually. Thanks all for your inputs.
Good points. What do you consider the worst street in Valpo ? That is a good piece of info to have! Yes 190k for 1 br seems high.
Lake Station may be an idea.
Michigan City is a lot older I am told but you can get a nice 1200 sf single family, is that correct?
I have heard Michigan City is gaining steam for REI. I haven't personally done it other than a few wholesales a few years back.
I'm a Realtor in Valpo and lived in Valpo for 35 years. The concensus is correct. Valpo is pricey to play the rental market. As far as streets go, center st. and Locust have always been lower priced. The houses on center are small and one sold last year for about $110,000. Locust street runs into the campus but even "bad" streets in Valpo are not cheap.