Hi there Chattanooga BP community,
I'm a new real estate investor seeking to do my first deal, and as I'm from Los Angeles and don't know the Chattanooga area well, I wanted to reach out to the BP community for some advice on a potential deal I've come across in Chattanooga. I've gotten the opportunity to buy a small lot (50 x 140, so 7,000 sq. ft.) on Citico Ave., a few blocks from the Chattanooga Heart Institute near Orchard Village. The seller and I have agreed to $1,500 for the place, and I'm hoping to turn it around at some point within the next year or two for around $3,000 to $3,500. My question is - is that realistic? There's a couple comps I've come across on Zillow that have sold for that amount for higher, but I wanted to get some ideas from people on this forum as well.
My other question - is the Orchard Village/Glenwood/Avondale a bad area of town and a place I should shy away from investing? I notice there are a few other vacant lots in the area - is that because no one has any interest at all in living there, or is it because the area is still up and coming and growing? Thanks y'all for your time and help, I really appreciate it. Like I said, I'm a new investor and am looking to learn from those more experienced than I am whenever I can.
That seems to be a really good price even for that area. I would use www.trulia.com for crime statistics and another information you might want to look at to make that determination. As a real estate agent and broker I can steer you away or to any particular community.
Updated 9 months ago
I can't steer you.
That is a rough area in Chattanooga. Hope this helps and good luck.
@Doug Johnson hey man, I’m a local realtor in Chattanooga. That is the roughest area of Chattanooga and would definitely proceed with caution if your plan is to invest there. That’s definitely why you’ll see some of the cheapest deals in the city there in terms of price/sq. ft. It’s proximity to Chattanooga amenities is a big plus, but there is a significant amount of risk involved. As far as the lot, if you message me the address I’m happy to do a little more research on it and let you know what I find out.
Hope this helps!
I have to agree with the others here. I will not invest in that area because of high crime and gang activity. I am not an agent, just another local investor so I can be completely honest. I would stay away from Avondale and Bushtown at all costs. There may be a day for that area in the future but it isn't any time soon in my opinion. Let me know if I can help in any way.