There are many variables that will effect your decision. Your financial situation, how long you anticipate living in Houston, work location, recreational interests, whether or not you have school age children and/or pets, is a yard important to you or do you prefer a lock and go, etc. I advise looking at both rental and purchase opportunities simultaneously. Both markets are very fast paced right now and homes in good condition priced at market are under contract for purchase or lease within days. If you decide to consider both markets you should begin your search armed with a mortgage pre-approval and all of the documents that will be required by a landlord so there won't be any lag time once you find the home that appeals to you. I highly advise you select a realtor that you feel understands your goals and will help you achieve them. Your realtor can refer you to lenders that they have had good experiences with, acquaint you with Houston and all it has to offer, help you weigh the pros and cons of renting vs. purchasing and assist you to make your move to Houston as smooth as possible. Call me for an interview if you would like to discuss your goals and how I may be of service. 281-798-4100
Better Homes and Gardens Real Estate Gary Greene... more
The Third Ward is a great market for landlords since it is a hot rental market. Great return on investments. When I have driven Dowling, you can see newly opened hotspots and such streets as Cleburne and Ruth where individuals have taken on the task of renovating properties. If you are looking to sell a place in the 3rd Ward, there are several investors out there who could be interested including realtors who rehab these wonderful props. You are right that the property is relatively inexpensive and most of these properties need TLC to bring that back to their grandeur as they have in other parts of the city. Its in the middle of an incredible triangle composed of the Med Ctr, Downtown and the universities.
As for redevelopment, there is limited commercial growth, but huge potential, in my opinion, on the residential side. If you are interested, call me and we can look inside properties which have been renovated and those which are currently looking for a caring owner. There are also investors who would be interested in looking at properties if you are looking to sell.... more