I'm considering purchasing Multi families in Fayetteville AR. I'm new to this location and would appreciate some feedback from local investors.
Which areas are better then others, which ones to stay away from.
Are their pockets to watch out from?
Any areas are on the path of progress more then others?
Thanks in Advance !
@Hadar Orkibi Hi Hadar, I attended University in Fayetteville (Go Hogs!) and lived there for 5+ years; Fayetteville is a great city. The most coveted locations are Garland Ave, College Ave, Leverett Ave, Dickson st, School St., and MLK because those were the nearest residential areas to the University and campus was easily accessible by bus or by foot. I've heard of individuals purchasing single family properties off W. Wedington and renting them out to college kids however I personally didn't want to live that far from campus. I've known friends who'd buy rental property out in Farmington but I also think that's also too far away from campus. There are small pockets of areas to avoid (there were two streets by Wedington that were considered 'hood' when I was there) but they're nothing to worry about. I can't specifically recall any particular "bad" area but if you're looking to purchase student housing, dont stray too far from the streets mentioned above. Let me know if you have any additional questions.
Thanks @KJ L. , The Prime campus area is not necessary my target area.
This pocket will probably be tightly haled and will trade at very low cap rates.
Although i wouldn't mined buying there, im open to buy in and around the city of Fayetteville.
With the growth that Fayetteville is experiencing I tend to believe that student housing is not the only worthwhile investment. ....
Any comments about the area West of the I 49 would be much appreciated?
Particularly around& between N Shiloh Dr and N Ruppl, Betty Jo Drive?
Around the Fayetteville Boys & Girls Club, Walmart.
@Hadar Orkibi , I live in Fayetteville and have single-family rentals in town, too.
There's rapid development west of I-49 and also east of Hwy 264/Crossover Blvd that you might want to consider. Zillow provides a good overview of the area.
Do you have someone local helping you? I worked with a local investor-friendly Realtor for my purchases, and would be happy to share his contact info with you.
Thanks @Susan H. , I done some research overnight and see that there are few flood plans around. This is defiantly something that should be mentioned.
It looks like its Crossover Road (not BLV ) and its also 265 - is that right?
I'm focused on multi family, are you ale to advise who are the main brokers who deal with MFR?
Also, goof reputable property management company?
Pretty sure I addressed all this in a message, but just in case: yes, 265 is locally known as Crossover.
There are some areas which may be prone to flooding, so best to check maps and ask local Realtor for info.
I don't work with MFR, so cannot assist there.
@Hadar Orkibi I don't know how I missed this thread a month ago but I'll go ahead and add my .02.... West of I49 is a gamble... I know where you're looking on Betty Jo and I'd say it will take some time for that area to lose it's stigma and for rent rates to come up. It is considered a war zone in fayetteville, although I don't think it's that bad. Problem is that you've got a lot of other slummy landlords along that street who will let the buildings fall down before selling or doing repairs all the while just lowering rent to keep people in them. I've seen a few smaller multis pop up south of there along HWY 62 that might be worth picking up... Mission and Crossover (HWY 265 and HWY 45) is on the east side of town and a highly desired area. One other place to look is down off of Sycamore as it crosses Garland... There's a nice little multi community in there that's going to turn in the next year or so.
One of the realtors I work with told me that on average investors are paying for multis on the MLS using the .6% rule... Example being they are buying $200K of house and renting for $1200. Best bet is to find something off market. Hit me up if you want any other specific info.
Hi - I am new to BP but have been a long time listener of the podcasts! Although I currently live in LA, I am looking at investment opportunities in Fayetteville. I grew up in Fayetteville and my mother still lives in town, so seemed like a natural fit.
I saw a few offers for introductions to agents on this thread, does anyone have suggestions on agents that specialize in investment / multi-family properties?
Many thanks in advance.