I am considering the purchase of a rental home in West Salem. I know there are a ton of rental homes in 97301, but I am not as familiar with 97304. Does anyone have experience with having units in West Salem and if the location is hot for renters?
I am new to this whole real estate business so any advice or input is appreciated!
@Bryan Atkinson I have one single family house remaining in Dallas and have had good success with those. I am getting $1350 for my 3 bedroom house, however I was getting $1550 for a similar one a block away. The current tenants I have are fantastic so I am hesitant to raise rents on them. I am actually thinking of selling that property as I now live in Indianapolis. Price point would be around $220K and it's completely renovated.
Which part of West Salem are you looking at? The older part is starting to get renovated and the rents can be a little lower than in 97301. However, if you buy in the hills or near the HS, you might be looking at above average rent.
I manage 2 , 1 bed duplexes in the older area, (avg. $700) a 5-plex in the hills and will have a 3 bed 2.5 bath home coming up in the next week or so.
I know the Salem area very well. I do not currently have any properties in west Salem but I do know the area and have family that live in both the newer area in the hills and some what older area near Salemtowne; I have previously lived in west Salem and helped develop one of if not the largest apartment complex there in west Salem. What you would want to clarify for us is whether the property in question is down in the flats area off of Edgewater st(lowest values in west Salem)or elsewhere.
Thanks for getting back to me! The property is in the older part of West Salem. It sound like his are the rent would be much lower and most likely not worth it right now.
@Jeff Wallenius, what type of property have you seen success with in Dallas, OR? The last time I analyzed a deal in Dallas, the projected market rent was too low, and I stopped searching there. I'd still like to invest in Dallas though!
@Bryan Atkinson I have one single family house remaining in Dallas and have had good success with those. I am getting $1350 for my 3 bedroom house, however I was getting $1550 for a similar one a block away. The current tenants I have are fantastic so I am hesitant to raise rents on them. I am actually thinking of selling that property as I now live in Indianapolis. Price point would be around $220K and it's completely renovated.