I've been researching multifamily properties (2-4 units) to invest in within the next several months in the Raleigh-Durham area. As an out-of-stater (but investing with a partner who's very familiar with the area), I was hoping to get some more insight from current residents on BP who live at or near the area.
@Raghav Haran That's right up my alley! I invest in single family home near NC State, and I have no problem getting them filled, so just a few days of vacancies every other year or so. Now, multifamily will be a little less desirable than single family, and there are a lot of new apartment complexes you might be competing with, so make sure your finishes are nice and you "harden" your rentals. Price appropriately, as always!
@Dawn Brenengen Thanks for your input!
I'm currently doing more research into property prices, but do you have a ballpark estimate of what multifamilies sell for around the NC State Area?
It's slim pickins around NC State's campus on multifamily but you can get a 4BR 4BA, 1300 sq ft condo unit starting around $115,000. That same unit can rent for around $300-350 per room, some higher depending on the condition of the unit. The HOA fees vary but $150-$200/mo is common.
@Raghav Haran I just sent you a PM. If you want me to email you what I found, just send me your email address!
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