Home Buying in Savannah>Question Details

Holly, Home Buyer in Los Angeles, CA

Best neighborhoods for investment property in Savannah?

Asked by Holly, Los Angeles, CA Mon Feb 25, 2008

I am looking for the best neighborhoods for buying an inexpensive home (approx. $100K) in Savannah that will rent witha positive cash flow. It is also important that the neighborhood be safe, desirable for renters, etc. Where would be the best areas to narrow my search to and what size of house would be most marketable to a renter? (i.e. 3 bed/2 bath, 2 bed/1 bath, etc). What will provide the best cash flow? Why should I consider these areas?
Thanks - I love Savannah!

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First, as a realtor, we can't tell you where "safe" is! Savannah has pockets of transition areas throughout the city so your best bet is to do what I tell my clients...if you really like an area/neighborhood, drive around it at night and during the weekend. If you are comfortable with the area at those times, then you will feel safe. As for investment property, if you want to flip it in a few years, I'd suggest something with 1.5 - 2 baths. There are alot of bungalows that are 2/1 that are difficult to resell. The Historic District is a tough one when it comes to cash flow. The District is expensive, as are the taxes, so if you are looking for cash flow, I would look elsewhere like the Victorian District or Ardsley Park. The rental market is strong here - with the great hospitals (new doctors and staff), Gulfstream (engineers, etc) and the Savannah College of Art & Design students and faculty, there is always a need for good rentals. Rule of thumb downtown is about $500-$600 per bedroom for SCAD kids. Savannah has slowed but is a Destination so people are still coming to enjoy our amazing city and lifestyle. I would love to help you find just the right investment property... they are ALL OVER the city!
Web Reference: http://www.callred2sell.com
1 vote Thank Flag Link Sat Mar 8, 2008
Holly,

I don't work in the Savannah area, but I'm familiar with it and visit there often. I would be happy to direct you to a few great agents that I know in the Savannah area that could help you find what you are looking for.
0 votes Thank Flag Link Tue Feb 26, 2008
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