It’s so great to hear that you’re interested in moving up! Having renovated single family and small building there are pros and cons. In terms of the rental market, it depends on the location of the property. While there may be a few ‘newly rehabbed’ rentals that appear to be ‘sitting’ awhile, there are others that are grabbed as soon as a tenant leaves. I’d say the best approach is to do your homework by living in a rental for a little while and getting a feel for the different areas in the city. On the one hand, a single family, with parking, a yard, etc is attractive. On the other hand, it’s nice to have income from a multi to help pay the high property and school taxes and even work off a little mortgage. It is also true, as redpill indicates, that there are some newer renovations that have had the benefit of subsidy…and the market can only bear so much in going rents. So, you may find yourself, as I have, rehabbing a property using private dollars and getting a rent for a nicely done place that someone else was able to create at a lower cost. Anyhow, since you’ve used the word ‘love’ twice in your opening paragraph, methinks it’s beyond (too much) analysis anyway 😉 Welcome to this PLACE! Happy to give you more specific details in email. Ask Cher to put us in touch if you’re interested.
Reply To: Renovated Rental Market?
February 8, 2016 at 8:08 pm