Does anyone have an informed opinion on where the neighborhood of Sherrelwood is heading? I have on rental there now. I am considering purchasing another in the area.
I used to live in Sherrelwood. I don't see a ton of improvement happening in that area compared to spots further north on I-25. In my opinion Sherrelwood will always be an intro price neighborhood. It's unincorporated which means that code is not as strongly enforced as properties in municipalities. The way the area was built didn't promote walkability which in a regular market would cause many buyers to look just a little further away for cleaner neighborhoods with more amenities. Yes, you can walk to some things in Sherrelwood, but it's not desirable. Even in the time I lived there I maybe took 10 walks over 2 years. To each their own, but I don't have much faith in it becoming a really nice area. Maybe someone will prove me wrong.
Thank you @Bill S. for the referral, and thank you @Dan Mackin . for the second opinion. I originally lived there as well with my family for three years. I agree that it is not a walking neighborhood. I was always hoping that the accessibility to the rest of town would be a great draw to the area, but I am starting to agree that the location will not go anywhere. Thankfully, I am cash flowing easily right now; however my tenant of four years is moving out. I can increase the rent a few hundred, but I am worried about the quality of the next tenant. I am tempted to get what I can out of it, and with any luck find a multifamily. Thank you for the input, and I hope to see you both around at some point.
I'd keep it as a rental. You are probably not going to find a MF to roll your gains into. I keep my rents under market and ask for 1st, last, and security deposit. Screen your tenants well, and you probably won't have an issue.
I looked in that area with a client a few months ago, and also live North West of there. I'm not too bullish on it.
@Joe Martino I think if you're buying something at the right price for a rental in Sherrelwood, then go for it! I still think growth is creeping north. I remember when Sunnyside and Chaffee seemed too far north. Now with the Midtown development on 68th and Pecos, I'm sure Perl Mack and Sherrelwood will improve. There are also plan to develop west of Midtown. I think Cardel Homes should be breaking ground soon.
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