Looking to purchase a rental unit, 4 plex in Prescott, az 203 meany st is this a safe desirable area for a rental? Rates monthly 2bd,1ba units

Asked by Chris Maragos, Prescott Valley, AZ Fri Dec 30, 2011

I am looking forward to being a good landlord and maintaining property...but have a concern with this mixed neighborhood I.e. Trailers, rentals, homes etc...mls 953894. If I can't attract good tenants than this is not for me.

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Terri and Br…, Agent, Prescott, AZ
Wed May 16, 2012
I would agree as the tenant you attract will definitely have an impact on your ongoing costs. I would suggest either hiring a management company to screen potential renters or you can run credit, get references, etc. yourself. Making sure the tenant has never had any type of judgment for property destruction, etc. will also help protect yourself. Good luck.
0 votes
Dede Erceg, Agent, Prescott, AZ
Wed Jan 18, 2012
Hi Chris,

I am several rental properties, including houses and apartments in the Tri-City area. Your concerns about attracting good tenants is very good. A bad tenant can cost you thousands of dollars in repairs and lost rent. If you are looking for immediate cash flow, a duplex or four plex can be your best options.
However, if you are looking for long term appreciation, I have found that my single family homes have been a better option. Other factors to consider are... overall maintenance costs, taxes, and utilities. Apartments buildings can be less costly to maintain than single family homes. Please give me a call if you have any other questions. I have had some of my rentals for over 20 years.
Good Luck
0 votes
Brad Bergami…, Agent, Prescott, AZ
Sat Dec 31, 2011
Chris,
I think the best thing to do is find a Buyer's agent to chat with. You need to communicate your goals and that way you can find the right rental units. Meany is an area where there are a lot of rentals and well, if you are looking for a high rent district this wounding be, at least right now. It seems to be reflected in the asking price of the property.
Let me know if you need help,
Brad
0 votes
Jack Buta, Agent, Prescott, AZ
Sat Dec 31, 2011
Hi Chris, I wrote an offer on this property yesterday as did someone else so unless you want to join what will become a bank orchestrated bidding war you might want to look at some of the other properties. Regardless of who buys this one there are some repairs which need doing. The heater in unit C is toast, there is a lot of drywall repair, along with doors, some fixtures, and of course carpeting but $5,000 will cover it if you can do some of the work yourself.

There are other units in town to look at as well as where you live. I am out there looking every day so if you need help call me at 925-2294 or send me an email at smilinjack@cableone.net.

The market has turned and the waiting game is now costing you money so whatever you do it is time to do it.
0 votes
Cindi LaSall…, Agent, Kirkland, AZ
Sat Dec 31, 2011
Please give me a call and we can talk about what it is you are looking for and all of the other details we need in order to provide you the information you will want before making your decision. I am here for you! Cindi LaSalle-Shanks, Keller Williams Check Realty, 928-533-1012
0 votes
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