I am looking into potential rental properties in Allendale, Michigan. I haven't been there yet, looking to make a trip out there in a few months but wondering if anyone is familiar with that area and the potential rental market out there. Is it pretty easy to find renters? I'm seeing that there is potential for good returns (1% rule). Also if you have any management companies that operate out of there, I'd love an intro.
It's near Green Valley State University. If you have any experience in owning/renting property in Allendale or Grand Rapids, would love to hear more. Thanks!
As you note, Allendale area is the home of GVSU. Most of your tenants will likely be students. Keep in mind though: The township is not landlord or tenant friendly. The township prefers the large apartment communities. Their strict zoning ordinance does not allow more than one unrelated person to live in a unit, e.g. single-family home. So, forget any chance of renting a two-bedroom to four students--can't be done. You can't even rent a two-bedroom to three students--unless two of them are related. There is also a property maintenance code requiring rental inspections. I'm not saying "don't invest" there--just be informed and plan accordingly. Good luck!
Hi, I live in Allendale, let me know if I can answer any questions for you. We have 8 duplexes and none are in Allendale. We have looked at some, but the numbers seem to work better in surrounding areas.
Hi @Julie Haveman ! Thanks for the info. Which area near Grand Rapids do you invest in? Are you able to hit the 1% rule (rent it out for 1% of the purchase price? Would also be interested in if you manage those properties on your own or have a property management company?
Thanks for the info @Clay Powell ! I had no idea about the regulations in Allendale. Are these rule common in other areas near Grand Rapids? If you have any other suggestions about areas nearby that have good rental potential, please let me know!
Your best bet is to invest in the west side of GR where many of the students live already live. Meeting the 1% rule is not difficult to do in this area.
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