South City investors,
I'm looking at a couple of quads on Chippewa just west of Kingshighway. Any thoughts on the neighborhood?
Crimereports.com showed several RSOs in the area, but no recent crimes along that corridor.
Anyone have properties along there?
That's a good, high rental demand area. I don't own any around there but the first apartment I lived in moving to STL was at the corner of Chippewa & Kingshighway. It's a good area. Large number of rentals in the area. I think the apartment we rented for $420 in 2000 now might rent for $450 now. That was in a quad. So don't plan on much in rent increases as there is lots of competition and selection for tenants there.
St. Louis was built heading west and areas in South City are judged by east/west of main streets. West of Kingshighway is judged as 'the best' area for rentals and there are many people that won't even think of looking east of there. Chippewa is a very busy street so those units will have that going against them but they are on/near major bus lines so they will have that going for them.
@Jim Workman , I agree with what Mr. Hines said above. I've been looking for properties in S. Tower grove, which I consider a C neighborhood. I recently purchase a property on Louisiana where the neigherhood *might* be C-...
@Bob Hines , where are you focusing these days? I purchased a 4-plex on Louisiana (as stated above) near Gravios Park. In hindsight, though, it's producing great cash flow, it may not have been the best move. Time will obviously tell, and fortunately, the outlay in cash was relatively low.
Are you finding it more difficult to find deals that meet the 2% rule in S.City when staying out of rougher areas? I feel that you really cannot count on very much appreciation in this area until you get to Chesterfield, but the properties start getting expensive and the cash flow drops dramatically. Any thoughts?
One of the things I would recommend doing if you are working with an agent/broker/wholesaler is print off a zip code map of Stl. We go through and color code the areas based off of ideal, decent, tolerable, and avoid. It makes it easy to find what you are looking for.
The specific area that you are looking in is a fairly decent area. One thing I would recommend for any properties in the city is either cameras or security system of some sort; especially if you aren't looking to owner occupy. Decent cameras are nice to have in case something happens and helps you make sure everything is on the up and up. Just my $0.02
Ryan Dossey, Call Porter | http://Callporter.com | IN Agent # RB15001099
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