Hello NC BP!
I hope you're all safe and out of harms way! I'm curious how the recent Hurricane Florence and the pending Tropical Storm Michael have/will affect the Fayetteville area. A few questions...
- With not much elevation, are you seeing homes flooding again?
- Do you purchase federal Flood Insurance for your rentals? If so, what are some average annual premiums? Have you seen a massive price spike after a major event (like Florence and likely Michael, or Matthew a couple years ago?)
- Are you seeing a lot of homes that were flooded be vacated or are a lot of homeowners/renters repairing?
- How far along in the recovery process is Fayetteville?
If you are going by storm risk then there really is no true safe area. When it comes to NC I think investing is much riskier along the coast because the storm surge and high winds. Some of the coastal areas have seen substantial damage 5 times over the past 20 years. It is astounding to me that people continue to rebuild, that the gov't allows it and that companies still insure them. By the time the reach inland areas it is a rain event with much lower winds. Flood Insurance is fairly reasonable if the property is not in a high risk flood plain. Fayetteville held up reasonably well except for the areas that a prone to flooding like the area around some Rock Fish Creek.