Hey Louisville investors,
I was curious as to what your opinion of the Smoketown neighborhood would be. It seems as though it has potential, but is it a little too fringe to the west side?
I'm all about Smoketown! It's the natural progression of things. I'd buy things up low and fix or hold.
The east side of smoketown has already seem some flips selling for seemingly high prices. I expect this trend will spread but it pays to stay near the parts already seeing this uptick.
It’ll get there. Buy cheap and wait. Don’t try to flip closer to broadway yet. There’s too much risk still. If I had a stack of cash I’d be buying up the vacant 3-6k deals there and start flipping them this time next year. Shelby Park is starting to stabilize, but even there valuations are all over the place. In Smoketown symphony won’t be getting an appraisal to match expectations just yet.
Auto correct changed you simply to symphony.
@Brian Jackson I am glad you brought this up. I am also glad you used the word "potential" in the standard real estate way.
For everyone that does not know, this area has one of the highest rates of violent crime in the country. If you google it you will see this quote... "one in nine people in Smoketown could be the victim of a violent crime -- murder, rape, robbery or assault in a year's time." Here is the article it is from...
I think the population has dropped to the point in the area where it is time to buy and hold. I suggest paying a premium to get adjoining properties.
I would also suggest buying all the vacant lots.
You heard the saying that you should be greedy when others are fearful? It actually applies to this area.
I have one rental in Smoketown and two very close to it in Shelby Park and am looking for more. Appreciation has been amazing the past couple of years (40203 saw some of the highest appreciation in the city in 2017, 2nd highest zip for appreciation on the list I saw yesterday).