Multi Family homes in Meridian ID
Hello All,
I am planning to make my first investment on a Multi family property in Meridian ID. I would like to have some inputs on the location. Are there any no no places to avoid in this area? How friendly is ADA county to land lords? How well or low the property taxes when compared to Boise? Any suggestions are welcome. Thank you in advance.
Most Popular Reply
@Prash Aksh PMI depends on how much you put down on the property and will only generally occur when you're doing an FHA or 5% down loan. You can look at MACU for financing and putting 10-15% down depending on your credit.
Taxes are increasing but its what you can expect in a market growing as fast as it is in Meridian and Boise.
One thing to note is the new build prices on MF units specifically 4 plexs is forcing valuations up in a market that doesnt necessarily have the rents to support them. For instance most duplexs are going for 300+ and 4 plexs are now 500-600+. Unless you have an overarching strategy to increase the rents you will want to be careful to ensure your rents can support your purchase price.