Realtor · Laguna Niguel, CA · Member since 2018 · 31 posts · 12 votes
Browsing thru sites like Zillow, I see properties under $80,000 throughout Fresno. Does anyone have any insight as to if these are in good areas (I.e. decent schools, not high crime, etc) and does anyone have any insight on the rental rates?
I am looking for something with a 20% cash-on-cash returns after a 25% down payment.
Any info would be much appreciated! Thank you!
Real Estate Agent · Fresno, CA · Member since 2014 · 367 posts · 174 votes
8y
hey @Jake Snavely . The basic rule is that 93706, 93702 and 93703 are the C- or D area's in Fresno. 93701 east of Blackstone is also a C- area. 93727 is nice the farther south and east you go, but not really the other way. If they are in those area's you wouldn't have access to decent public schools, but the nearby charter schools are pretty great. Crime is higher as well. You can always send me addresses if you are curious.
20% COC is harder to come by, however it is possible if you do a flip and hold. Message me if you want to discuss more.
Investor · Clovis, CA · Member since 2015 · 92 posts · 84 votes
8y
Hi @Jake Snavely I own some single-family rentals in Fresno that I purchased below $100,000 and at that price point best case scenario you are going to be in "C" class neighborhoods but more than likely it will be "D" class. Depending on the condition of the property and the specific neighborhood rents aren't going to be much more than $800-900/mo but I do have some rentals that get $1,000+. You're going to be dealing with a "lower" class of tenant and a lot of people that will want to rent with section 8 (which isn't necessarily a bad thing for me). I have found that if you do a good job screening the tenants and set the right expectations you can get some long-term tenants that are relatively low maintenance.
On a side note, I don't usually see much available inventory on Zillow/MLS at $80,000 and below, most of the stuff that does come up needs a bunch of work so I would be prepared to take care of some deferred maintenance.
Real Estate Agent · Fresno, CA · Member since 2014 · 367 posts · 174 votes
8y
hey @Jake Snavely . The basic rule is that 93706, 93702 and 93703 are the C- or D area's in Fresno. 93701 east of Blackstone is also a C- area. 93727 is nice the farther south and east you go, but not really the other way. If they are in those area's you wouldn't have access to decent public schools, but the nearby charter schools are pretty great. Crime is higher as well. You can always send me addresses if you are curious.
20% COC is harder to come by, however it is possible if you do a flip and hold. Message me if you want to discuss more.