Round Rock, TX · Member since 2015 · 14 posts · 1 vote
Hi folks,
Just wanted to see if anyone has experience in Emporia and could give some insight as far as do's and don't's. Or if you have experience there if you might have good contacts with contractors.
I looked at a group of homes a guy from Dallas was selling up there late spring of 2015. They were all junk and frankly needed to be tore down. Several had people who died in them and the corpses were there for some time per the neighbors, some had no wiring or plumbing. The seller totally wasted my time and misled what he had on his phone call and on the ad on Loopnet. If you're dealing with an Indian (India) guy trying to sell a group of houses dont waste your time. He's a swindler.
Good college town - have driven around it a bit - lots of older homes.
Think it got its start in the frontier days as a cattle town. (1870's or so)
Real Estate Services · Olathe, KS · Member since 2015 · 329 posts · 57 votes
10y
Jarett,
My father, aunt and uncle all went to Emporia State so I am familiar with the area. I'm from Kansas City and I can can say without a doubt KC is going to get you much better returns. Houses are renting and selling fast and getting top dollar. Feel free to message me with questions.
Emporia would probably require more hands on. It's a smaller town so finding good property management would probably be hard to do and a in my mind at least by standards of living here, Emporia is a ways away from larger cities such as Wichita/Topeka where you might find more property managers to choose from. Many probably aren't going to want to drive the hour to hour and a half to Emporia or if they would, are going to charge for it.
You'd probably have better luck in a more established place like KC - Wichita, OKC, Tulsa for that matter - or if you want a college town in KS - Lawrence or Manhattan
If Wichita interests you I keep in touch with an established investor who's business model I'd like to emulate and is in line with what I've been trying to do over the years. (He has a much larger portfolio than I do but has a 20+ year head start on me) Presently he has a group of nice rentals for sale. I could put you in touch with him if you'd like or provide his info. The homes are in pretty good areas and he spends a lot of time/attention to the kitchens/bathrooms and overall appearance, they'd rent easily and would attract good tenants. Not sure what you're looking to spend but may be worth a look. I can give you some management options as well.
Investor · Bentonville, AR · Member since 2014 · 759 posts · 379 votes
10y
@Stanci March@Jarett Cory What makes both of you interested in Emporia, KS? You both live in larger communities with more opportunities available. Just curious.
Emporia, KS · Member since 2016 · 55 posts · 21 votes
10y
I've lived in Emporia almost 40 years, went to college here and have been a Realtor here for over 3 years.
The quality of life here is tremendous compared to similar sized towns. Emporia is often considered one of the top small towns to look at when your town is trying to improve their downtown.
With the average home selling at a very affordable $104,000, it's easy to find low risk projects for under $60,000. New construction is stuck because of lack of land and utilities, what little there is are 2-3 times average price. Home sales here are consistent over the last 15 years regardless of external forces. This year, number of listed homes are half what we've seen in previous years.
SFR rentals are also in huge demand. I can lease a house within a few hours most days. There are several quality property management companies to choose from as well (including me).
Emporia State University is a great college, especially teachers. The downtown is a historic district, which allows for incredible tax credits on projects. Veterans Day was founded here and it's a big deal throughout the year. We're home to the premier gravel cycling race in the world that hosts 1,000 badass cyclists for a brutal 200 miles. The top disc golf brand was founded here and is growing like crazy, including hosting the world championships. Every Twinkle you eat is made here and the odds are whatever your dog eats was probably made here too.
I could keep going, but you guys probably get my point.