what are your thoughts on buy and hold in Fayetteville NC for Condos?
Make sure you do your due diligence! They do not appreciate here.:)
My condo in Fayetteville was and always will be my worst investment.
high hoa fee
I bought mine at bartons landing in 2009 at the bottom of the market and it's STILL below what I paid for it, only going down in value. ridiculous. I expect it to collapse similar to stewarts creek, which has become quite the cesspool.
One of the big HOA managers in town retired a few years back and left his kids to run it, the downfall has been noticeable in communities they run (which is many of them). so do extensive due diligence.
Condos in Fayetteville are very cheap, for a reason. I think Stewart’s Creek go for as cheap as 8-10k but they always end up being a problem. Most property managers won’t touch that place.
Other places might seem like they would be ok and they might for a little while but for a bit more money you can pick up an SFR which I think would make much more sense. Less hassle and more profit.
but don't you think with families who constantly PCS through Bragg there's always a renters market and with a condo in the right location would be a good profit and less money than going with SFR? I'd rather suffer the depreciation with a condo than that of a SFH. I'm just trying to figure out if I want to purchase around there! I will be moving there with my SO soon and I am wanting to pick the right location for my REI purchase.
Military families in general tend to avoid condos near the base. You are more likely going to rent to a young single military recruit who tend to be riskier tenants. Believe it or not most of my problem tenants are from this group!
You can buy small SFHs in decent (but not the greatest) neighborhoods that need a little TLC between 50-60K and really good neighborhoods between $70-100K. Condos in the area can cashflow good but getting out of them is a lot tougher than a SFH. If you buy right into a SFH I doubt you'll suffer a whole lot of depreciation. Home prices in Fayetteville are quite a bargain when compared to other areas of the country.