Hello Cedar Rapidians!
Just seeing a post about this new sub-forum feature on the website and thought it might be a good idea to help organize local discussions such as local laws or recommendations for help.
So, first discussion topic....What is the best or worst part of town to invest in?
I like the NE side but nothing below 19th St. I stay away from the SE side but I do have one on Americus SE that is a solid property. It was built by Habitat for Humanity about 12 years ago. I don't buy anything that requires flood insurance and try not to buy anything older than the 50 or 60 years.
@Austin Davis While I don't have much on the SW side, I know that anything in the College Community School District rents very well. Unfortunately I haven't found any deals in these neighborhoods. Also the North side of CR higher end rentals work well for Rockwell and Go Daddy employees.
With my limited starting funds but lots of ambition I started out in the Wellington Heights and Mound View neighborhoods. I've gotten out of Mound View completely but still have a few in Wellington Heights. I don't currently buy there anymore but have gotten very good return on investment from the houses that I do have there.
Like @Glenn McCrorey I've had good luck on the NE side outside of Mound View. The majority of my houses are over by Daniels Park all the way up to 29th St. Most people don't view this area as hood and the homes are still fairly reasonably priced.
I agree with both @Glenn McCrorey and @Andrew D. that the NE side is where people want to live. We bought our personal house on the NE side, so I am sure that a lot of things that appealed to us about this part of town (like good schools) will appeal to renters as well.
That said, we purchased our first investments on the NW side close to Edgewood road which seems to also be a very convenient location close to shopping, restaurants, parks, etc. My wife grew up on that side of town and liked it, which is also played into considering that side of town.
I eventually want to get a small place close to downtown to try out vacation rentals, but that is years down the road.
All of our units are in Marion and personal residence on NE side of Cedar Rapids in Linn Mar school district. I think it really boils down to school district (prairie and linn mar seem most highly sought after with marion close behind) or proximity to good jobs (NE side). Sure cash flow is better elsewhere, but the properties are older and neighborhoods rougher and if I'm a tenant with options I wouldn't want to live anywhere near the SE or SW neighborhoods with bad reputations for crime or bad schools.
I've got one on the NE side and another on the SE side. Both have been good. The SE side tends to get a bad rap but only the west part of it deserves it. East of about 19th St the neighborhoods are good.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.