I'm looking to purchase a live in flip in Salt Lake City and am having a hard time determining the best area to receive a decent return. I'm thinking about Sugar House area but the numbers don't seem to be working. I'm moving from Phoenix where I was able to purchase a home two years ago for $140k, I put appx $25k into it and the home is now under contract for $240k. I would like to find a similar type of deal but am thinking maybe my expectations are too high for the SLC market right now.
If anyone has any recommendations on areas I should look, please let me know. Please note that, quality of life is very important as well as we will be living in the home for the next 2-3 years and we would like a very family friendly neighborhood.
Your help is much appreciated!
Sugarhouse is really competitive. I like lower Sugarhouse or "sugar hood" for value right now. You can find some value in zip code 84105. You're still close to the Sugarhouse restaurants, liberty park and the freeway. Buying a place here, you're idea is Sugarhouse has become too expenses for the average buyer, those looking for a similar lifestyle will move west of 7th east. Don't go west of state street though.
I also think condos in downtown SLC will appreciate.
Some thing Rose Park is on the rise as well. But that's probably a 15-20 year time frame in my opinion.
I agree with Rose Park on the long term. It would be perfect for long term rentals but not a live in flip.
Have you looked in Murray or Cottonwood Heights? I'm not sure if that's the right price range but those are great family neighborhoods.
I would agree with Bryce, Sugar House is really competitive I'm not sure you would find what you're looking for there. Travis also made a good point, Cottonwood heights and Murray have older homes with good potential for profit in the future and great neighborhoods. Another area that I might recomend is the Sandy area on the east side, good neighborhoods with potential. I would stay away from anything to the west of I-15, still a lot of growth going on, I don't think you would find what you're looking for.
Sugarhouse for the most part are small older homes. Not much appeal for a growing family. I would suggest Westvalley. Very family friendly and much more opportunity for a live in flip for the future. You can find a good "Chevy" of a home with three to four bedrooms, and not pay the price of Sugarhouse. Good luck ! It is a growing state and city !
I grew up in the Cottonwood Heights area and currently live in Sandy. If you want to find something in the $140,000 price range, it is not going to be possible on the east bench period. For family friendly I would recommend South Jordan, Day Break, Lehi, American Fork, Orem, and west of Utah Lake. These neighborhoods are family friendly with new schools and are about family. West Valley and Rose Park, in my opinion, are not the most family friendly and have been know for some gang activity. If you can find a good deal in the other cities where you can go in and fix up while living in it, I would go that rout.
West Valley City is okay, but I believe it's going to be at least 8 or 10 years before WVC / Taylorsville / Kearns is going to see maturation of the current cycle we're in.
You should look at the Millcreek area. Those neighborhoods are awesome and you can find deals in the high 100's on great lots with tree-lined streets. I'm an agent and I'm up in those areas very regularly. Hit me up if you'd like some help
Blair Poelman, Broker in Utah (#9299425)
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