Rental Property Investor 路 Houston, TX 路 Member since 2019 路 212 posts 路 149 votes
For those who live in Vancouver, WA: I've been eyeing potential primary multifamily residences or ADU properties there as a way to save on income state taxes. What class B+ neighborhoods do you recommend that I narrow my search? My max purchase limit is $400k; I prefer to have my own kitchen and my own unit in either a multifamily or ADU property. Feel free to DM me. I already am working w/ a buyer's realtor licensed in Vancouver, WA.
Consider corner lots -- they work great for adding ADUs because you can create a separate entrance/driveway from the side. Some parts of the city have alleys, which allow a separate access from the rear of the lot. Also, don't forget that you can go up; adding a 2nd story to a garage is something that is becoming much more common.
Your buyer's agent should lead you in the right direction, but honestly, there aren't a lot of multi-family/ADU properties in the area. So best of luck!
^I think someone is board and lonely and just decided they needed to be negative lol.
Contact City Zoning and they will give you a zoning map :) This will give you the areas you are looking for that match what you want. They are a HUGE untapped resource.
That is a good place to start if you are looking for a specific type of property.
Buyers agent is great for MLS properties but also don't be afraid to go hunting on your own for off-market properties as well 馃憤馃徑.
My advice, don鈥檛 ask your realtor to be involved if you find an off market deal as they normally scare sellers away i.e they (sellers) dont want to pay commissions.
I'm in the same boat Susan. We're in the same area now, looking at the same area (Vancouver). Mr. Dolan is right; the numbers up there are remarkably small. Right now it looks like some sellers are waiting out the quarantine. We may see an uptick in properties in the summer/early fall.
Out of curiosity, who are you working with? I went up to Vancouver last year and met with @James Dishongh, who has been very helpful.
By the way, in terms of Vancouver's regions, here's what I've determined. The only real "bad" region is Rose Village, and compared to the Bay Area, it's still decent. Hazel Dell, Minnehaha, Five Corners, all good areas. I stayed in the western part of the city while there; it had a lot of older homes with nice cozy streets.
Salmon Creek and Felida are northside. They're newer homes with bigger lots. Some Salmon Creek houses have pastures & farmland. Quite pretty. Expect to pay more for the acreage, of course.
@Chris Williams I'm working w/ Ricki Anaya. Just a quick browse on realtor.com yields results like 2714 Falk Rd, Vancouver, WA 98661 but no idea how this neighborhood is really like! I can't drive and I don't have a strong desire to disobey shelter in place to visit Vancouver so I need to rely on internet data.
I suppose when compared to other cities Vancouver doesn't have a lot of multi-family units for sale, but when they do come on the market, and they're in reasonably good condition, they sell fairly quickly (7 days or less) and oftentimes with multiple offers. Vancouver can be quite spotty with a very nice, newer B+ subdivision next to an older, C- small ranch home area. My recommendation is that you do some Google Maps driving when you find a property you're interested in. It can be slow but gives you a good feel for areas. There are transitioning areas, so I encourage you to ask (Van Heights is a good example). Don't be afraid to ask you're realtor for interior and exterior videos, especially if you're committed to the area. I do recommend using a local lender, it will make the transaction much, much easier. The 2714 Falk Rd property is IMHO a C/C- area but it wouldn't stop me from purchasing it if the numbers work. (Not a location I'd want to live in though because Falk is a fairly busy thorough street.) It's gone pending twice, and it's priced about right (but probably a little high). Your $400K price point will limit your options but there are older 70s duplexes to be had under that price, just not in that B+ area you're seeking. I encourage you to go the City of Vancouver and Clark County GIS websites to find out more information about zoning and ADUs.
Depends if you're within the city of Vancouver or in non-incorporated Clark County. If you're in the city limits, you might start here: https://vancouver.municipal.codes/VMC/20 and for Clark County you can find zoning and a ton of other info here: https://gis.clark.wa.gov/ I prefer the County site as the zoning info is on the first tab of the property pages. Codes are occassionally different between city and county but the County site will tell you the jurisdiction.
I believe you can put an ADU on any single family lot (but this doesn't override HOA rules) as long as the lot and existing structure allows for the proper setbacks. The foot print of the existing structure limits your ADU to 50% of that. Your costs could very a lot based on the situation tapping into utilities. Focus on houses that are not in HOAs on larger lots that were built in the 60s, 70s, and 80s.
Definitely do all your diligence and checkout the websites @James Dishongh has listed.
Consider corner lots -- they work great for adding ADUs because you can create a separate entrance/driveway from the side. Some parts of the city have alleys, which allow a separate access from the rear of the lot. Also, don't forget that you can go up; adding a 2nd story to a garage is something that is becoming much more common.