Newbie investor here. My wife and I are currently under contract on a SFR which would be our first rental property. Assuming this goes well, our goal will be to purchase a 2-5 more properties over the next few years.
I'd really like to get some opinions/insight on the Avenues market in general as well as an outlook on the West Columbia market as a whole.
The Avenues are hot - West Columbia as a whole probably not as much. If you got a good deal you should be set.
@Ethan Hart I agree with @Adam Odom 's insight. Avenues property is selling at a high PPSF and fairly quickly. I've owned property over there since 2006 and I'm bullish on that area. It is close to downtown and has lower property taxes than Richland County.
I'd stay away from this area if you're going for student rentals, though. It is not impossible but it's much harder to get students across the bridge in my experience.
Thanks for the input guys! The plan is to rent to students ideally but it may not be plausible with school starting so soon since we haven't closed on the property yet.
@Ethan Hart its a little late for students, but Cayce has other demand generators that should help you. Just be aware that City of Cayce will make you register the home and you must get a license to rent homes.
@Andrew R. Lucas I have heard that before. Haven't looked into it much as I was going to tie up all the loose ends once we close the house. Do you know much about the process? Pretty quick or is it a pain?