HOLLYWOOD CA MARKET ANALYSIS FOR DUPLEX
One of the markets to buy my first duplex in was/am (kinda) considering is Hollywood CA (NOT WEST, NORTH, OR EAST). I'm talking about somewhere near the clubs, bars, hotels, and businesses. Prior to my market study I thought Hollywood would be a great idea because I am always going out and see a lot of young professionals and those in the entertainment industry in the scene. Hollywood has a real diverse crowd. Also, Hollywood has one of the highest rents in the nation ($3110.30). However, when I was doing my research I found that the average income in Hollywood is $40,000 (annually), most residents dont have a HS degree, robberies are higher than national average, spending are lower than national average, etc. Obviously there are many pros of the Hollywood market as well.
However, for argument sake please see questions below:
1. Are my study of the market accurate? How is the rent in Hollywood so high if the average income is so low?
2. Does anybody here own a property in Hollywood and making a positive cashflow (>$200)?
3. Is Hollywood a good market for rentals (duplex) in your experience (not opinion)?
4. Any last advise about the Hollywood market?
Thank you,
Jason