Hi all, recently settling into my first property (a
house hack in Washington, DC proper - got a steal of a deal!) and am toying
with a thought exercise. I am setting my sites on my next primary residence
house hack when I am eligible next April. In my next property, I am
looking to strike out West to house hack a -plex (open to 2-4, anything that
makes sense numbers wise) in a good market that will offer some vibrancy in
terms of city/town life with access to the great outdoors, primarily skiing.
With my DITI, I have about $400-500K to play with.
I am looking at all the usual suspects (Denver, SLC,
Boise) but fear they are beyond reason/price at this point. I am doing my due
diligence on these markets but figured I'd throw it out to the community and
hear thoughts, thanks so much!
(I am not sure if these types of posts are cool so
appreciate the feedback!)
@Chris Davidson & @Anna Strausbaugh - really appreciate the insights! Boise seems like it is out of my wheelhouse right now but Nampa and Caldwell seem great! Would you recommend any of these towns/cities/subburbs in the surround area? I have been scouting Middleton and Kuna as well!
I'd recommend Nampa and Caldwell. Kuna is too far out for me right now. Someday it will be there but not enough commerce for me. For Middleton I'd rather just go over to Caldwell which has better access to highways and a larger renter pool. Once you go past Nampa and Caldwell your tenant pool shrinks drastically and while things are good when the economy is humming along. The more inflation hits and the higher gas goes the less likely folks want to live further away from work.
Hi all, recently settling into my first property (a
house hack in Washington, DC proper - got a steal of a deal!) and am toying
with a thought exercise. I am setting my sites on my next primary residence
house hack when I am eligible next April. In my next property, I am
looking to strike out West to house hack a -plex (open to 2-4, anything that
makes sense numbers wise) in a good market that will offer some vibrancy in
terms of city/town life with access to the great outdoors, primarily skiing.
With my DITI, I have about $400-500K to play with.
I am looking at all the usual suspects (Denver, SLC,
Boise) but fear they are beyond reason/price at this point. I am doing my due
diligence on these markets but figured I'd throw it out to the community and
hear thoughts, thanks so much!
(I am not sure if these types of posts are cool so
appreciate the feedback!)
Yeah, Denver's out most likely. If you like Colorado, you might consider Colorado Springs for house hacking. I just looked at a duplex with a client in the $550k range. He's going to Airbnb/STR the top and live in the bottom.
The city itself is growing a ton. Lots of development in the downtown, a few big parks in the middle of the city and more great hiking just 20 minutes from the city center.
Realtor · Provo, UT · Member since 2020 · 374 posts · 270 votes
4y
Just helped one of my clients house hack in SLC. He is cash flowing while living in the property. These deals are harder to come by but rents are growing aggressively here.
Real Estate Agent · Boise, ID · Member since 2018 · 119 posts · 70 votes
4y
@Robert Durden, we are starting to see price drops here in Boise and more multi-family inventory than we've seen in years, so you might be in luck! It is still possible to get duplexes in the $500k range. If you go to Canyon county (Nampa and Caldwell) you can sometimes even find 4 plexes close to that. Those properties are prime for house hacking since they often need work, but there's great upside. Caldwell is booming right now and I just closed a duplex for a client there last week for $340k that they'll be getting close to $3k per month in rent. Crazy!
Real Estate Agent · Boise, ID · Member since 2016 · 1k+ posts · 888 votes
4y
@Robert Durden like Anna mentioned you can find Duplexes in that range in Boise, and we are seeing more inventory than we have over the last few years. Thus it is opening the opportunity for lower down payments and sellers being more flexible to work with buyers since there aren't 5 cash offers one each property as folks are looking to park 1031 money. Rents have been great as well just like the rest of the country, but with higher increases on MF increasing faster than SF rents across the valley.
@Chris Davidson & @Anna Strausbaugh - really appreciate the insights! Boise seems like it is out of my wheelhouse right now but Nampa and Caldwell seem great! Would you recommend any of these towns/cities/subburbs in the surround area? I have been scouting Middleton and Kuna as well!
Just helped one of my clients house hack in SLC. He is cash flowing while living in the property. These deals are harder to come by but rents are growing aggressively here.
Logan, that sounds great! Congrats on that deal. Was this SLC proper or any of the surrounding regions?
@Chris Davidson & @Anna Strausbaugh - really appreciate the insights! Boise seems like it is out of my wheelhouse right now but Nampa and Caldwell seem great! Would you recommend any of these towns/cities/subburbs in the surround area? I have been scouting Middleton and Kuna as well!
Kuna is awesome too, but the prices there are a little higher than Nampa and Caldwell, but not too much. Middleton is growing, but still has some more growing to do. I'd be happy to chat with you about the pros and cons of each area sometime if you want.
@Chris Davidson & @Anna Strausbaugh - really appreciate the insights! Boise seems like it is out of my wheelhouse right now but Nampa and Caldwell seem great! Would you recommend any of these towns/cities/subburbs in the surround area? I have been scouting Middleton and Kuna as well!
I'd recommend Nampa and Caldwell. Kuna is too far out for me right now. Someday it will be there but not enough commerce for me. For Middleton I'd rather just go over to Caldwell which has better access to highways and a larger renter pool. Once you go past Nampa and Caldwell your tenant pool shrinks drastically and while things are good when the economy is humming along. The more inflation hits and the higher gas goes the less likely folks want to live further away from work.