Thinking about Charlotte Rentals
Hi BP Community!
I'm a new investor based out of NY, looking for my first property. I've done some extensive top-down research on attractive cities for single-family or small multi-family (duplex, triplex) buy & hold rentals and Charlotte has come up consistently.
I'm looking to understand what would be a reasonable gross cap-rate to expect when investing in Charlotte given a budget of $150K - $250K. Using online data bases (such as Zillow, Trulia and Redfin) come across as unreliable or inconsistent in terms of evaluating comps.
Any areas I should be focusing on in particular? Charlotte seems very spread out in terms of neighborhoods and it's difficult to gauge rentals demand in this city as compared to some other metropolitan areas where public transportation is more prevalent.
Additionally, what are some good sources to find reliable input assumptions (rental rates, tax rates, vacancy rates, growth rates for rents and house prices) for modeling a deal?
Am I missing something in how I am thinking about my approach? If someone has a few minutes for a phone call, I would love to find some time to chat about your experience in the Charlotte market.
Thanks,
Alex