General Area in 28216>Question Details

Mike, Both Buyer and Seller in 90022

How is the Charlotte area for investment property. I see they have duplexes.

Asked by Mike, 90022 Thu Oct 25, 2007

The area I'm looking into is in Charlotte, 28216. Its near Newland Rd and HWY 77.
I believe its in Mecklenburg County.

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Investment property is great in Charlotte. But .... please be sure you know what you are buying. We have lots of neighborhoods and in some areas the neighborhoods change block by block. If you buy a newer constructed home in the "burbs" you might get cash flow rents but see very little appreciation over the years. In some "intown" neighborhoods you may loose money every month on the rent, but you can see 20% appreciation. On a $100,000 house you might make $20,000 in just a year for your monthly $200 loss.

Charlotte has some duplexes. They are not as common as in areas up North. We don't usually have duplexes selling to home buyers who want the second side as an income stream. In Charlotte duplexes usually only sell to investors. So they do not appreciate as quickly as single family homes. However they are good rentals because if one side is vacant you do have some income from the other side.

You also will want to consider your potential tenants. Who does your home appeal to? Will it be a family home with 4 kids and two dogs, or a single professional who works uptown but parties every night? What will the repairs on the home entail?

I suggest you get an experienced real estate to work with you in your investment property search. If you do not live in Charlotte or are not familiar with the neighborhoods you can save yourself much pain and gain much profit by teaming with a real estate expert.
0 votes Thank Flag Link Sat Oct 27, 2007
Sometimes there are areas, where Trulia might not a have local agent in your community to answer correctly. I always suggest calling some local realtors and asking them to help you out. You would be amazed how talkative, and informative they can be.

Good Luck
0 votes Thank Flag Link Fri Oct 26, 2007
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