I'm looking into buying a multi family property nearby to downtown and living in one of the unit (so, I think this would be considered house hacking). It looks like the possibility for fully covering my mortgage isn't there, however, I could possibly keep my monthly housing cost to $500-600 which is still quite a bit lower than what it is now.
To meet that $500-600 a month cost goal it seems I have two options, the areas of South Sacramento just south of downtown, which seems to be mainly Oak Park, and some areas north of downtown, which I think is considered "Old North Sacramento". I have been spending time in both areas lately to get a feel, so am curious of anyone else's opinions on these two areas.
On one hand, the South Sacramento area seems more connected to downtown, so I think is possibly a better longterm investment as more urban businesses, etc may open and make the area more desirable. On the other hand, the area seems a bit more run down, on average, and less safe, than some parts of Old North Sacramento.
For Old North Sacramento, I'm not sure this area will experience much growth in terms of businesses, etc, as it seems to have less commercial districts so I'm not sure if it has the same growth potential, however, it seems it may be a bit safer, etc to live in this area at the moment.
Would love to get feedback from anyone who knows more about this than I do tho
I'd say that the area just north of the city is going to take much longer to improve compared to the Oak Park area. Actually the Oak Park area has already improved quite a bit, hence the lack of inventory there.
this may help you, it's pretty spot on...
@Rick Dane try getting qualified for an FHA 203k loan so you can rehab the house you buy. Oak park is on the quick rise although with all the new buildings coming about in arden/old north sacramento, you might find a steal if on the right street.
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