Paul Burger, Home Buyer in Sugar House, Salt Lake...

What are the best areas in SLC to purchase for long term investment in the $150k - $200k range? i.e best Rent/Value Ratio.

Asked by Paul Burger, Sugar House, Salt Lake City, UT Tue Apr 12, 2011

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I have been investing in the Salt Lake Valley for over 25 years and I have single family rental units throughout the valley. Murray is a great place to invest right now in the prices you have indicated. There are parts of West Valley, Midvale, Taylorsville and even Magna. I like to purchase single family homes because if you ever need to sell the property fast, you can. You have to be very choosy on the property and look at the condition of the property opposed to the price. Call me and I will help you find the right investment --
Thanks Again, Sandy Straley, Broker
SunviewHomes/Rindlesbach Homes
801-808-8110
sandystraley@saltlakecityvalleynewhome.com
http://www.saltlakecityvalleynewhome.com
1 vote Thank Flag Link Tue Jun 17, 2014
I would concentrate on the downtown area north of 2100 S & east of State, with all of the things happening downtown, expansion of the University of Utah, and more working professionals there is a strong rental market, yet still opportunity to buy a great deal.
0 votes Thank Flag Link Mon Sep 29, 2014
If your object is to rent it's going to be hard to produce a very good return rate on a single family home, generally go with a 4-plex or larger, but if that is what you want to do look to established areas that have a younger demographic and strong rental needs.
Generally areas around the two universities are the best, although it will be hard to find properties in that price range very near them. Try the east part of downtown, between 500 east and 1100 east and maybe 200 south and 900 south might be good options. There could also be some properties in the southern end of Sugarhouse. Also Rose Park has some good rental opportunities as well as around Liberty park.
The problem when you start getting into less desirable areas and cheaper rental rates is that tenants tend to be much harder on the property so you spend a lot more in repairs. Expect 30-40% of your gross income to go to maintenance, taxes, etc. and this can grow with older homes and bad tenants.
I specialize in investment properties and would be happy to help you find what you need.
Web Reference: http://velox-realty.com
0 votes Thank Flag Link Wed Aug 31, 2011
You will most likely be looking at a place in a residential neighborhood. Location is truly the most important factor with income properties. If you're handy you could find a run-down place (which there are plenty in the rental market) and put some money and work into it. The long term return is better on a place that attracts good tenants. Right now there are quite a few folks trying to get rid of their income properties to get out from under them. A Duplex near the U of U, Westminster, or Downtown would be your best bet in my opinion. Always remember when buying investment properties you need to buy for the return on your money and not with your emotions.

Scott Andrews, Associate Broker
Coldwell Banker -Salt Lake Sugar House Office
801-230-1300
http://www.utahscott.com
0 votes Thank Flag Link Mon Jun 13, 2011
Paul - It depends on what your plan is for the long term. If you are going to going to rent the property to a tenant then you will want to purchase a home that is in location that has a high demand so that you will be able to rent it out without any vacancy. Because that will affect your profitability. There is a lot higher demand in the downtown area of salt lake or the Avenues/sugar house area because that is a very trendy area and it has a lot of people that was to remain in that area as well as the students from he university. As the population continues to grow there will be a higher demand for this area because it is built out and there is no space available for new development and construction. As well you will want to remain close to where you will be living just for upkeep and maintenance on the home. It will make things convenient for you in the long run.


Mike Wright
Real Estate Agent
801.478.4546 Direct
801.309.1960 Mobile
801.606.2832 Fax
Mikew@Ranlife.com
0 votes Thank Flag Link Wed Apr 13, 2011
The Number one city is Kearns,/ Taylorsville areas, more people purchased homes in the fourth quarter of 2010 than any other city along the wasatch front The median price of homes sold in the Kearns in the fourth quarter was $ 138,000, well below the medin home price of 199,900 and Salt Lake County's median home price of $ 215,000, Buyer's are jumping on these areas, with the interest rates as low and prices as low they can't pass it up. these are also excellent rental areas.
0 votes Thank Flag Link Tue Apr 12, 2011
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