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Oklahoma City appreciation
I'm looking at a rental property in Oklahoma City, specifically in the Capital Hill area. Does anyone have insight into home appreciation in the area? I know it's an up-and-coming neighborhood, but any insight in this market and OKC in general is welcome! This will be my first investment out of state, so doing my due diligence. Thanks all!
Denise
I'll let others with more detailed knowledge of OKC than I have weigh in here, but I will say that I was doing my research on OKC about a year ago in hopes of investing there and learned very quickly that the Capital Hill area can be quite dicey. In and around that are is a great deal of crime, and S. Robinson in particular is notorious for street prostitution and drugs. I live in north Texas and went up there to look at a couple of duplexes in that area. Nope, nope, nope. Not for me. It may or may not be up-and-coming, but I'm not willing to risk it from what I saw. Again, though, others may have more detailed info that I don't.
Midwest City neighborhood might be more to your liking. Good C-class and lower B-class properties at reasonable prices. Delmar, too, but the city there gives you all kinds of grief if you want permits to rehab a place. If I buy there this coming year, which I probably will, it will be in Midwest City most likely. [BTW, the Youtube channel "JohnTV" made S. Robinson famous. He would go out and film Johns picking up prostitutes in that area to shame them.]
I would stay away from Capitol Hill. I guess I should have added, although I live in TX now, I lived in OKC for 30 years and still travel back at least 6 or more times a year, so I''m very familiar with the area.
You are right that the city and developers are working to make Capitol Hill area an "up and coming" area. There is some cool stuff going on right now, but unfortunately I'm not seeing residential rents reflect the "up and coming" vibes yet. I would say appreciation is still very speculative. It could be the next cool place to be, but there are other areas that are also getting attention and positioning to be the next big thing. You need to make sure your numbers work at current rent/purchase price because it will likely be a while before you see enough appreciation to make it worthwhile as any kind of appreciation play.
capitol hill can be a good low income rental area. for it to be up and coming in this economy plan on holding for 5 to 10 years. most homes in the area are in need of some major cap ex save a few so be prepared there. that is why you get the lower entry price in the area though. i manage alot around there and they can cash flow great and have certainly went up in value over the past 5 years or so but not sure they will make another jump any time soon.
Thank you everyone for the input! It is cashflowing as-is, just concerned that if the area doesn't come up then it might be hard when I exit.
Hey @Denise Curtis,
Just like what everyone else said, Capitol Hill is still a work in progress. It's similar to NE OKC, where you do have government money being poured into there for development, but will take years before it gets better.
If you are interested in SW OKC, I would recommend areas underneath 59th St. It's starting to develop, as the Amazon Facility opened up near there, as well as the college being close by.
Good luck!
exit is the issue. in capitol hill as with many of the "c class areas" your primary buyers will be stingy investors like all of us that want to get a "steal" on the property. you need to make your money on the purchase in this type of property not on the sale of the property. make sure and get it below market in other words.
@Denise
@Denise Curtis how did your investment pursuits turn out, did you buy in Capital Hill or OKC at all? Good luck.