After reviewing many medium-sized cities, mostly near my hometown in Southern Michigan, I discovered Fort Wayne. Statistically, the city has low rates of crime for a city of that size within the 'rust belt', average income and unemployment figures, relatively low rental vacancies, and, most importantly, SFRs at less than 30k which, based on my understanding of the area, do not follow the popular negative sentiment on homes at this price point. Despite low entry costs, average rents are only slightly less than those in comparable cities with houses two to three fold in price. As a result, the so-called 2% rule should be easily met, if not greatly exceeded. What's more, many of these homes can be had near two of the city's growing university campuses.
Does anyone have any insights about this city? Is this a golden opportunity for buy and holding? Is my exuberance warranted, or have I missed some important variables?
@Michael Miller Ft Wayne is a great town, the 2% rule can be meet, I was looking at a deal last week approaching 4% but I am a GC and do our work in house so that helps. If you need someone familiar with the market let me know. Buying house near St Francis should be done with caution, lots of foundation issues. If you get one near IPFW for 30k I would be more than surprised. Let me know if I can help in anyway.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.