I'm a software engineer from California and recently moved to Phoenix to begin looking for places to invest. We're looking for steady income streams and low maintenance. What are some of the common generalizations of the following areas? I've gathered some of the information below.
Chandler - next to Intel, lots of working professionals
Gilbert - more affordable
Scottsdale - upper end part of Phoenix
Tempe - next to ASU
Tucson - next to University of Arizona
What other areas do you suggest?
Thanks in advance
Each of those neighborhoods have pro's and con's. You will have to give some insight on your situation and goals for the forums to help.
@Alexander C. Those aren't neighborhoods, those are entire cities. It's like asking where to invest between Long Beach to San Diego. You might try Trulia.com or city-data.com to narrow down some demographics.
Central phx has GCU which is completely revitalizing the surrounding neighborhoods. Could be a great place to look.
I think investment opportunity in AZ is tough right now but if I was going to bank on an area it would be a sweet spot in between South Scottsdale and Tempe. It is rough in some areas, but with the continuous growth of ASU and Old Town Scottsdale it is only a matter of time before the neighborhood swings.
Tempe only allows 3 unrelated individuals in 1 SFR, so if you're buying houses rather than multis to rent to students that is an issue. Tempe is blowing up right now with development and lots of companies bringing jobs to the city. Values continue to go up steadily and there are some cool neighborhoods directly south and southwest of the neighborhood. Lots of folks on corners and signs, LOOOOOOOTS of road construction constantly. They're trying to build a streetcar line and install bike lanes after the fact, which is cool but is upsetting a lot of residents.
Glendale has nice pockets, but has a bad reputation. Especially the closer you get to Maryvale. I deal with LEO's on a regular basis and northern Glendale has some nicer areas. Anything with a gate to enter the community would help.
Mesa. If you layer the crime map over Mesa you will see some things. There are some nice areas.
Scottsdale is generally thought of as comfortable and safe, if you go north. Closer to "old town" scottsdale you will have more riff raff on the streets and younger tenants.
Tucson, I'd want to speak to an agent before buying anything. There are come cool areas and some of the suburbs are nice and affordable.
That's my 2 cents
If you want a true impression contact a Real Estate Agent, some of these comments here are interesting.
PS I live in the oldtown Scottsdale area and have for the past 15 years, unless you live there I wouldn't comment on the area as rift raff
I live in north tempe, I didn't call the area riff riff, I just said there is more riff raff on the streets as compared to north scottsdale.
@Alexander C. it has been 2 months since you made this post. What have you learned about the areas for yourself now?
Secondly, I agree with @Stone Jin about letting us know about your situation and goals. For instance Gilbert, AZ is a great place to live in Arizona, yet I don't have any investment properties there because the price point for entry compared to the rental rates is too high and it doesn't cash flow well although it will probably do well with appreciation over time.
I really like investing in B- properties in Mesa, Arizona and C to B properties in Apache Junction. I find that they cash flow better than some other higher end cities. I know of other people that like to invest in the wealthier areas such as Scottsdale, Gilbert, and parts of Phoenix.
So depending on your investment strategy, some locations may be better for you than others.
Bumping this thread because I'm also interested to hear if @Alexander C. discovered anything new in his research.
I am coming late to the discussion, but I wanted to share some thoughts....
There are going to be pros and cons to every area. Some of my best cash flowing properties are in Northeast Phx. However, my property in North Scottsdale is a solid rental with a long term tenant and insane equity increases. I have a property in Peoria that doesn't do much equity-wise, but is a cash cow in rental rate, and there is always a line out front when it does turnover.
So, it really will depend on your goals. As a flipper, I would suggest certain projects. As a Buy and hold, I would suggest others. If you are looking for equity vs cash flow, there are projects for that too.
Fine tuning your goals is the first step to matching you with the best project to pursue.