What tools do you use to identify a "good location"?

Question

When I look at an investment rental property I want to make sure it's in a good area so I use crime heat maps and look at the attractions nearby. What tools do you all use to identify if a property is in a "good area" and what is your threshold for that?

Sam Shueh · Answer

School rating... Avg income level. Rental vs owner occupied...

Alex Young · Answer

You want a great turn over rate ... Be next to hospitals and military bases.  Bases have a turnover rate of about 3 years ... meaning families are constantly looking for housing, both to rent and own. Government and VA give out great benefits for military families so they are great buyers and sellers , plus they are usually noble and clean.   Traveling nurses make hospitals a great spot. just a little tip

Christine Kankowski · Answer

As a first start, i like best places.net.  It has population, vacancy rates, housing costs, crime rates,  easy to rule out places with some of their factors.

Thomas W. · Answer

@Alex Young That is a great tip, thank you! That's something I would have maybe never considered.

Thomas W. · Answer

@James Galla You're all too correct about crime maps and some neighborhood ratings being misleading. I live in a very safe area and it's rating is just so-so. If I were recommending some to invest in my city my area would be high on the list yet it looks like it's undesirable from the rating.

I'm looking at out of state properties so I often try and use the internet to get a feel before going to visit somewhere, but nothing is better than just visiting an area.

James Galla · Answer

Crime heat maps, like on Trulia, only go so far. Many times the maps are incorrect because they are not updated. That being said, they still have a limited usefulness. So, I would consider using a crime heat map in addition to neighborhood statistics. I like to use City-Data as well as any demographic information provided by the city. You can often view demographics such as level of education, income, etc relative to the market area, and this would allow you to make some base assumptions as to what kind of area you are looking at. If you are looking beyond your own market area, you probably want to consult with someone who knows the area because walking down the street on a regular basis gives you a much better idea of what goes on in the neighborhood than one snapshot of the neighborhood on Google Maps from 2011.

Alex Young · Answer

they have heat maps for crimes and rising housing values..... there are also websites ranking school districts ..  those will get you the borders but to understand neighborhoods just get in the car and drive ... enjoy it ..   I bike and run weekly, picking new routes ..... try to repeat every few months. see what's going on .. what houses are not being managed

What tools do you use to identify a "good location"?

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