I'm looking for a little bit of insight. Is anyone on here familiar with the Belleville market? I'm looking to invest in preferably a small multi family or SFH if the numbers make sense.
I was searching on the MLS and the Belleville prices are quite appealing. I just don't know if the rents hold up. Currently I'm looking into some newly built homes that are running anywhere between $220k to $290k for 2-3 bedroom SFH. I'm seeing rents posted for $850/mth for 1 bedroom apartments. So I'd have to believe a 3 bedroom SFH would rent somewhere in the $1400-1800/mth range.
If anyone has any insight into the market or invests in Belleville themselves I'd love to hear more.
@Kyle Albert - I don't know anyone directly investing in the Belleville market, but I'd start with the Durham Real Estate Investment club. It's not Belleville, but it's closer than Toronto. :) It's a pretty large investor group, so I'm sure there would be someone in that organization which could point you to Belleville investors.
This post has been removed.
@Ming Lim thanks! Appreciate your response.
I know this is an old post, but I rented in Belleville for a year prior to purchasing when I first moved here for work.
I shopped around a lot for a 3 bedroom house and there really wasn't much choice. I ended up finding one for $1,400/month, unfurnished, utilities paid by tenant. It was a 60 year old house, single garage, interior was dated back to the 60's.
I met anther couple that moved to Belleville the same month and also rented for a year. They found a 3 bedrrom for $1,400.month. It was semi-furnished, utilities paid by tenant, about 60 years old, but was renovated about 5 years ago (not the greatest reno), single garage, in-ground pool (nothing luxurious, pretty basic).
I've been in Belleville for the last year and a half and will start looking at multi-family opportunities in the near future.
Hello Stephan, there are some interesting opportunities to the west in Trenton for multi-family. I'm currently living in a 6-plex that the rent is going for 700 tenant pays utilities. I seen a similar 6-plex down the street sell for 500k just wasn't in the right frame of mind to see the opportunity at the time.
Trenton has a massive air base which offers steady good playing jobs, so the economy of the town seem to be stable.
Biggest disadvantage would be the paper mill. If looking at properties stay to the south west side of town since the air quality seems to be better.
Thanks for the info Alek. I've thought of Trenton as my experience is exactly what you said; military cities tend to have a steady economy and do better during recessions.
I didn't know about the air quality due to the Mill. I have an employee that lives in Trenton, I think it's time to pick her brain.
@Ming Lim - I checked out the Durham Real Estate Investment Club's website, looks like an awesome resource. Thanks for posting it.
I realize this is a pretty old post but thought I'd chime in here in case anyone is still interested in the Trenton/ Belleville area. We had a huge boom here this year so prices have gone up quite a bit from what they were. In reaction to that, rents have also increased and specifically in the summer, there was very little inventory as things were renting in a matter of a week. Both are relative, Belleville has higher rents than Trenton does, but it also has higher property prices and taxes.
Of course everything depends on location and condition of the property, but if the market continues how it has been, rents for 3 bedrooms are anywhere in the range of $1500-$1800. If you're looking at new builds you could possibly get a bit more than that. If you do want to concentrate on new builds, I would actually suggest looking at Frankford. It's less than 15 minutes North of the base, not as crowded, has a large military community and there's a little more bang for your buck.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing