Investor · Boise, ID · Member since 2018 · 16 posts · 15 votes
6y
I have a duplex and a single family in Boise and they both cashflow. The duplex I got for $220k, put $60k into it and am now house hacking until I can refinance as owner-occupied. I have tenants in the other side paying $1150/month. 2 bed/1 bath.
They nailed it on this one. Families are migrating from expensive coastal cities to places like Boise in order to find cheaper cost of living. Since this migration has begun, rent prices and home prices are beginning to feel it's effect.
I helped a client purchase a duplex in Boise last year, and she is already cash flowing with 0 vacancy. The demand for rentals in Boise is tremendous, so even though home prices are rising, rents are able to stay with these home prices in order to maintain positive cash flow.
Although it is harder to find a 10% cash on cash return in this hot market, investors are seeing that if they purchase today, they will see rent prices grow over the next 5 years, which in turn will make the investment cash flow in the long run.
Feel free to reach out to me with any other questions about the Boise market.
Investor · Boise, ID · Member since 2018 · 16 posts · 15 votes
6y
I have a duplex and a single family in Boise and they both cashflow. The duplex I got for $220k, put $60k into it and am now house hacking until I can refinance as owner-occupied. I have tenants in the other side paying $1150/month. 2 bed/1 bath.
Real Estate Agent · Boise, ID · Member since 2018 · 119 posts · 70 votes
6y
Hi and welcome to BP! My husband and I bought a single-family rental in Meridian, ID in May with conventional financing and after paying HOA and PM fees we cash flow over $300/mo and the home is only a couple years old so the expenses on it are basically $0. Cash flowing rentals aren't everywhere around here, but they do still exist!
I have a duplex and a single family in Boise and they both cashflow. The duplex I got for $220k, put $60k into it and am now house hacking until I can refinance as owner-occupied. I have tenants in the other side paying $1150/month. 2 bed/1 bath.
How has the market been since 11 months ago for you? Do you have a turnkey solution and property managed? Thats what I am trying to do. I dont have the time to fly out there.
Investor · Boise, ID · Member since 2018 · 16 posts · 15 votes
5y
I haven't picked up anything in Boise this year. Starting to look out of state for better cash flow. If you are in the market for a great property management team in Boise, I have one I can recommend.
How has the market been since 11 months ago for you? Do you have a turnkey solution and property managed? Thats what I am trying to do. I dont have the time to fly out there.
Rental market here has been very competitive. We have raised rents on our duplex and 4-plex between 10-15% on the leases that we have signed in the last 6 months - but some of that was because the 4-plex we bought in May was occupied and the existing rates were a bit below market when they were signed in 2019/early 2020.
Its going to be hard to find something that can cash-flow off the bat. Anything on MLS that I am seeing has 4-5% advertised cap rates that fall apart quickly once you do a bit of due diligence. Consensus looks to be expecting further appreciation so it is being priced in aggressively and plenty have been buying.
If you are looking for management, feel free send a message and I'd enjoy discussing who we are / how we are different and why I think we are better.
Investor · Newport Beach, CA · Member since 2019 · 31 posts · 16 votes
5y
I just recently purchased a 4-Plex in North Boise. It is comprised of 2 bed and 2 bath units @ 900 sq ft. After expenses it is cash flowing nicely. In addition, 3 of the 4 units are under market for what they should be getting. When leases are up later this year, we will raise them to market value to help generate greater cash flow. Happy to discuss in further if you would like.