Anyone out there own any rentals in East Fairview? Particularly a newer build? Just wondering how well they rent and if a new building gets the rental rates (and market value) it should (compared to other areas of town).
Looking forward to hearing you experiences and insight! Many thanks for your time.
And Welcome to Bigger Pockets! I hope you find this place as helpful as we have.
To answer your question, Yes. We have 16 units in Fairview, 8 on the east side, near the elementary school. However, ours are all existing units (although totally renovated) and primarily 1 BR.
In our target market (singles/couples: C+,B-, tenants) we've averaged less than a 4% vacancy for the last 8 years. We have a pretty high turnover (nature of the beast for this market) rate, probably 20-25% annually and turnarounds typically take 2-4 weeks. Part of that is because we don't show units till we've completed any maintenance required, and had them professionally cleaned. Our rents are probably $100-200 less than comparable units in the better parts of town, but we're still profitable at that rate.
Hmmmm...... New const. On the East side of Fairview? Are you having a 4plex with garages built for you? If so, we're neighbors! (in a manner of speaking) Our 8 units are the next lot over (South).
If so, welcome to the neighborhood! Either way, welcome to the BP neighborhood again.
Thank you so much, Scott! No,that 8 -plex is not ours, but we're looking nearby. I appreciate your insights.