Bee Nguyen

There are plenty of areas that have plenty of homes on the market that could be great rental properties. I would try looking at properties in East Atlanta, Kirkwood, Edgewood, Reynoldstown, Ormewood Park, Grant Park, and areas of Decatur, particulary some property in 30032. I just saw a renovated 3BR/1BA in Decatur for 85K and the rents around that area are around $750/mo. You can pick up a property that would have positive cash flow and little work to make it rentable. I searched properties in these areas for under 100K and was able to find quite a few that looked like solid rentals. You may not be able to find a 3BR/2BA, but you will be able to find something worth your while...also, keep in mind that because of the tightening of the lending industry, you may have to put 25% down for investment property. - Fri Nov 14 2008, 09:48

Karen,

I won't question your intentions, but I do want to put in my 2 cents as far as the crime aspect. Like Lee said, It is true that crime happens to people who have a false sense of security and forget to be cautious when living Intown or elsewhere. I am particularly wary of EAV for a few things: because the area is transitioning, people tend to have a false sense of security and secondly, because there are restaurants and bars, people are easier targets when leaving these areas. Here is a story I can tell: my next door neighbor in Edgewood inherited a roommate recently. The girl used to live in East Atlanta, close to the Village in a pocket close to Clifton/Paisley side. She was drinking wine on her front porch with her boyfriend one night when a man approached with a gun, ordered them inside, and tied her boyfriend up. Luckily, he did not do a good job tying the boyfriend up and he was able to call 911, but the perpetrator got away. She subsequently moved out of EA and into Edgewood (which is quite ironic considering our crime as well). I hear all kinds of stories from friends and neighbors who live in EA--armed robberies, muggings, home invasion, etc. But the truth is, crime is happening everywhere--East Atlanta, Edgewood, Candler Park, Grant Park ,Summerhill, Riverside, etc. Install an alarm for your tenants's safety...and tell them to make sure their flat screen tvs are not visible from the street. Btw, you can easily look up crime reports and sex offenders as well...

As far as rental, you can most likely get $1000/mo for a two bedroom--but the closer to the Village, the better...proximity in EA is key. - Thu Oct 30 2008, 10:08

I lived off Memorial Drive in 30030 for five years and during that time, despite the fact that the area had gone through a lot of changes, we still did not escape things like car break-ins or petty theft. In my opinion, everywhere in the city is a crime area and/or is susceptible to crime. Memorial Dr. 30317 has seen its fair share of crime like most other up-and-coming neighborhoods (and ones that are already established)...get on the East Lake neighborhood association and read about it or talk to the Kirkwood neighborhood assocation. They keep up with what is happening around that area. Or drive around the neighborhood and get a feel for it. The area is sporadically changing so chances are you will find it be very street-to-street. If you want more details, I agree with Tori--look up the statistics. You can read about what is happening in the area. - Mon Oct 20 2008, 09:21

It depends on what part of Historic West End--the area that is defined as "historic" often holds more value than the non-designated areas of West End, which is probably where you are seeing the $25,000 properties. I would say that if you pick a good street--Peeples, Gordon, Queen, Lawton, Olgethorpe to name a few--you should be able to get some renters. However, the West End has been very slow to revitalize due to mortgage fraud and the lack of development around the area. That being said, you should expect to hold onto a property long term, meaning at least 7-10 years before you see significant appreciation. Of course, the West End is part of the Beltline proposal and in theory should have the opportunity to redevelop itself. The newer CVS is always packed and I believe the area is in need of more retail like this. The newer lofts/condos are still struggling to sell despite the low prices (but we see that in nearly all of the condo market in Atl).

As for the Westview area, I have some friends who rented over there and they paid $800/mo for a 3BR/2BA. The have since moved to Adair Park, which is just a few blocks over from West End and they pay about the same to rent another 3BR/2BA bungalow. Personally, I would pick Historic West End over Westview, but I am biased as my sister lives in Historic West End. Her immediate neighbors are wonderful and look out for each other and the houses are beautiful old bungalows with tons of potential. Plus, the proximity to downtown and I-20 are better than Westview area. - Thu Oct 9 2008, 09:16

If you can afford to wait, I would wait to relist unless you can relist substantially under market value. Unfortunately, the condo market is flooded and it is very difficult to move a condo. Sarah made some really great points, the key one being, "do you NEED to move?" If not, stay put or find a renter. Chances are if you continue to list, you will sit on the market for quite some time and this will diminish your chances of selling and if and when a buyer comes along, they will certainly know and understand that the length of time on the market will diminish your negotiating skills. - Fri Oct 3 2008, 10:19