Huntsville al homes for sise/ investment homes

I'm really glad you called me before purchasing. Its discouraging when we have investors call AFTER they have have made poor purchase decisions and ask for our help
July 23rd, 2012 1:48 PM
I'm really glad you called me before purchasing. Its discouraging when we have investors call AFTER they have have made poor purchase decisions and ask for our help. Even though you saw properties you liked that are our listings, it's my responsibility to provide sound counsel and not just direct you one of our listings in hopes of a double commission. We manage over 400 rentals and there are some areas we have learned to avoid. We also have enough experience to understand the local rental market to be able quickly filter trough listings to narrow the fiend to viable candidates.

I set up an initial MLS search on $100,000 and less just filtering out some of the worst areas. This dropped the number of prospective properties from near 400 to about 150. I human filtered those and arrived at the six candidates at the link below.

152 SANDY HOLLOW DRIVE is in a fast growing area of Huntsville near a new hospital. Traffic to concentrations of employers is however difficult and I am not at all keen on the school that serves the property. We do have rentals in the neighborhood that perform well but the area is not my first choice.

7614 QUAIL DRIVE is in a decent south Huntsville neighborhood but the house has a single car garage, is a foreclosure and may not be in the best condition.

138 VANCOUVER ROAD is also bank owned. Its located just north of the city. The schools are good but the commute is difficult compounded by road construction. Again, I think we can do better.



204 BRUSHCREEK DRIVE and 115 TURNBROOK DRIVE are located in an older neighborhood in one of Huntsville's fastest growing areas. Long term this is a good area. The schools are just average but showing signs of improvement. They are very near Redstone Arsenal and near Research Park where there are concentrations of employers. 204 BRUSHCREEK DRIVE is listed as possible short sale and is listed at a remarkably low $43 per square foot. This house may be worth a second look. 115 TURNBROOK DRIVE is a short sale.

103 HAPPY CIRCLE is the one standout in my mind. It is located northeast of the city in a growing area with good schools. Commutes will be 15 to 25 min, There is basic shopping in place with more planned in the area. The house is bank owned.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115559717

The link below is to the Google satellite image of the house.

http://maps.Google.com/maps?q=103+HAPPY+CIRCLE,+HUNTSVILLE,+AL+35811&hl=en&ll=34.778868,-86.48847&spn=0.00035,0.000659&sll=37.0625,-95.677068&sspn=31.28862,86.396484&t=h&hnear=103+Happy+Cir,+Huntsville,+Alabama+35811&z=21


The link below is to Google's estimate of the commute to Redstone Arsenal and Research Park

http://maps.google.com/maps?saddr=I-565+E&daddr=103+HAPPY+CIRCLE,+HUNTSVILLE,+AL+35811&hl=en&sll=34.72791,-86.567915&sspn=0.126692,0.337486&geocode=FbKVEQIdHoPV-g%3BFXuuEgIdEkvY-inpquBfZRZiiDG5Z4IZLnHt8w&oq=redstone+arsenal+&t=h&mra=dme&mrsp=0&sz=12&z=12


School information.

http://www.schooldigger.com/go/AL/schools/0222001684/school.aspx

http://www.schooldigger.com/go/AL/schools/0222000556/school.aspx



Comparables

The subject is listed at $65 per square foot. Average sold price of homes for sale in Huntsville AL is $85 per square foot with highest sale at $86 per square foot

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115559731


Rental comparables. (Spring Farm Road is typo, should be $1,195) Both the comparables are larger than the subject bit I think the market would bear rents in the $995 to $1,095 range.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115559737

Monthly management cost would be 10%

The investor tax rate would be about $940 per year.

We can expect insurance cost to be in the $600 to $800 range.

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