I am an out of town investor and I saw some opportunities south of the airport such as Riverdale and Hampton. My intent is to buy rental properties, and I saw a few deals with townhouses. Anyone have any information about these areas in terms of what kind of CAP rates I can expect? HOA fees in these areas seems to be low. Are these rough neighborhoods and will these properties be tough to manage?
@Adam Kam Generally, South of the airport can be pretty rough. It's been an up and coming area for a while, and while it's gotten better over the years, it hasn't sen the growth one might expect. That being said... ATL is going to need to sprawl South of I-20 over the next few years more and more. We can't sustain the population growth that is happening and continue to sprawl 1 hr N or S of the city. Its hard to say whether the properties you have found are a good or bad investment thou.
Sounds like you are describing Riverdale. How is Hampton? This area looks like its about 30 miles away from downtown. CAP rates around 10 in those areas?
Also, can anybody recommend good property managers in this area?
Try Kent miller remax, I have been using him for the last 5 years.
I am in Riverdale and the only issues I have run into is the problem with is they only have one person who inspects the whole county and they also are slow when it comes to evicting people. It is an up and coming area though. My area is not dangerous so I would go visit or pay someone to look at the property and area for you. A boots on the ground person like wegolook company or a college student.
I use Tracy Ellison for my property manager. He is also a investor friendly realtor.