Newbie here on the forum and totally frustrated with my local market (area surrounding Reading, PA). My wife and I have one rental property in West Reading that we manage and have struck out multiple times recently with the crazy hot market. We are flirting with the idea of buying a long term small unit in Las Vegas as we aspire to spend some extended time there once we retire - 15+ years from now. We are looking at entry prices being really low in neighborhoods surrounding the Strip and downtown. Low taxes are offset by the HOA fees and not great returns as rent prices are low as well. We are thinking that there is considerable room for appreciation long term though. Are we correct?
What areas and neighborhoods are best to invest now to get moderate cash flow with the ability to have nice appreciation long term? Are there areas to avoid? There are many 1 and 2 bedroom units for sale at or around $150k that have manageable HOA fees just east of the strip. Are these fools gold?
Thanks for consideration and your help!
@Brett Mazzerle I'd start your analysis with a thought on what you want your lifestyle to be when you move here (Las Vegas area) to retire. Once you have that nailed down, then look at properties that match that criteria to see if the numbers work. Sometimes a property won't work for both a rental and a retirement home unless you're willing to forgo on the numbers or the lifestyle. So figure out what's more important first.
Many of the neighborhoods surrounding the strip/downtown are very depressed. Not for the faint of heart. The area around UNLV is especially bad, last I was there. I would recommend that you pay a visit to LV and look around before plunking your money down.
Thanks. I will not be buying anything without doing thorough research. That is why I am here! The next time my wife and I visit, we'd like to look at some places just to get an idea of what is out there. We didn't want to be running all over the valley wasting time. Are there areas (like the Arts District ten years ago) that haven't really seen development yet, but would likely see a large influx of investment in the coming decade? I'm just trying to rule out some areas, and be able to focus on others to try to understand the market thoroughly before doing anything. Thank you very much!
I would suggest focusing on the West Side ( 2-3+ miles away from the Strip) , Southwest, NorthWest and Henderson. Just as your current hot market at home, we are experiencing similar issues here with record low inventory and multiple offers and a large influx of cash buyers from California and East Coast.
Sasha, that is exactly what I was looking for...thanks! I've been around the University and the east side and didn't think it was too bad, but knew there was better. Thanks, and keep them coming!