Redmond, WA · Member since 2016 · 15 posts · 4 votes
Looking for someone who currently owns multifamily properties in North Huntsville to ask a few questions about the area. I'm working on a MF deal located near Chancellor Square and Winchester Rd NW but have some concerns related to school quality, crime/drug activity, average income, tenant pool, etc. Do you mind sharing your experience investing in this area and expectations for future improvements? Feel free to contact me directly if you don't feel comfortable sharing with the broader group. Any help will be very much appreciated!
Is this Hines 5 4 plexes? I wouldn't believe anything they say about occupancy or cap rate. If they knocked off $400k from the price it would be priced well, but like every MF in Huntsville, it is priced for the out of town buyer who doesn't know better. There's hardly any MF stock in Huntsville that isn't high crime/high vacancy unless you've got many millions.
3 to 5 years ago you could have bought similar units for $150-$160k per plex. Hindsight would make them seem like deals now, but you'd have to ignore the market back then. Now, like then, there are better returns to be had elsewhere.
Thanks @Peter McDonough and @Mike S. Yes we were evaluating the 5 4-plexes but a visit to the property and the lack of verifiable info to complete the due diligence pretty much killed our interest in this property.