Is Sulphur Springs a good area for buy and hold (for sfh and condo) for cash flow?
Generally speaking those homes look good on paper, but have usually have lots of deferred maintenance and the tenants are higher maintenance as well.
I must agree with Nick. I've managed rentals for 10+ years for others and that area has a low purchase prices but for buy and hold more turnover than other areas.
If you do the right renovations upfront, you can get the best of the "less qualified" and produce good cash flow.
Have investor client who did such that. Renovated a 4plex completely (the right way) and now gets the highest rents in the area.
All about your performance and desire. Low income area but can produce the best cash flow for investment in Tampa.
Furthermore, a good property manager seals the deal.
Send me a message and we can talk it over.
It could be ok for buy and hold but Sulphur Springs has a lot of crime and you will be dealing with some problem tenants. Definitely a B or probably more C type neighborhood. I worked in that area for many years.
@Johan Yang the key here is hiring a quality property management company. I manage 10+ doors in that area currently and most of them pay rent on time or early. They haven't been any different than any other tenant that pays $1,500+/mo. The key here is deferred maintenance, tenants just want to be left alone so as long as you spend what is needed to make necessary repairs they can be great investments. Condos/Homes/Duplexes, all of them can be great cash flow if you have the right operator on the ground. Lots of these tenants renew and are in the properties for 5, 10+ years and not uncommon to see that. Section 8 is also paying top prices too with comparables easy to find.
@Johan Yang Sulphur Springs is a great area for buy and hold for cash flow. I am under contract with a duplex for one of my investors and will be receiving 800 a month positive cash flow from it. Its his first deal. Sulphur Springs has low taxes which make it ideal for investors.
@Johan Yang my company helps investors acquire the property on the investment side as well on the property management side. Just check out our google review they speak for themselves. Look us up Rent it Network is the name.