Looking at a duplex to househack here in SoCal, planning to use FHA loan and re-fi out of it (and move out) when possible. That said, the property is directly across from a cemetery.
Has anyone had any issues getting tenants or needing to price rents below market comps with a property near a cemetery? I realize selling a house near one might be an issue, but wondering if it'll have as much of an impact with prospective tenants.
Any advice is appreciated! I tried searching the forums, but didn't find much specifically about tenants.
In your marketing, be sure to advertise "quiet neighbors!"
@Sean Durham my first house was across the street from a cemetery! I was able to get a roommate to pay half the mortgage with me as rent. When sold the property last year, it sold in a day at above asking price.
The effect on price will be difficult to estimate, but you could look at the effects of other homes that border the cemetery. Or, look for other nearby cemeteries. However, I think there will always be people interested in the property regardless of the spooky neighbors. It may not have as big a dip in price as you'd think.
"Demand is strong here. People are dying to get in!"
@Wes S. Thank you! That's good feedback. We drove the property today and it looks like a solid neighborhood, save the huge cemetery across the street. My thinking is that for renters - all other selling (renting?) points will outweigh the "view."
It's walkable to shopping and dining, transportation etc - dealing with the "quiet neighbors" is probably less of an issue...
The Zillow guys wrote a book on RE and being close to a cemetery will lower the value of the property.
I highly recommend the book-it's full of interesting facts, including the best time of year to sell (around the Masters golf tournament), pricing, etc.
We own an apartment building that is directly across the street from a cemetery. It's always full and we have been consistently raising rents for 4 years. No issues at all.
I recently sold 3034 E Side Blvd, LA. You could see Evergreen Cemetery from the backyard and it ended up selling $37k over list price.
Also I recently bought an 8-unit on Washington in Pasadena. There's some great pockets in Pasadena! I'd be happy to share our proforma rents if you want to compare with your numbers
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