Whether you’re making your first Noblesville real estate investment or you’re adding to a growing portfolio, the rental market provides a lot of options. You can buy a single-family home in an HOA community or a multi-family property with high occupancy rates in a perfect location.
Every investor has different goals. If you’re trying to find and buy that perfect rental investment, you have to know exactly what you’re hoping to gain when you buy it. Make sure any property you invest in is consistent with those goals.
Here are some of the ways you can instantly spot a profitable Noblesville rental home.
Location Matters with Rental Real Estate
Location always matters when we talk about real estate. This is true for Noblesville rental properties as well. Most of the tenants in the area want to be close to work, schools, and shopping. Walkable neighborhoods are more popular than ever, and people want to enjoy privacy and space while still feeling like they’re part of a community.
Tenants with children will be looking at school districts, so do a little research into the local schools before you buy. Look for a property that’s accessible and easy for commuters, students, and families. Buying something too remote will not necessarily be profitable because of the risk of a longer vacancy or a lower rental value.
Noblesville Rental Property Condition
It’s often tempting to buy a fixer upper. After all, the price is usually attractive, and you can get excited about putting your own touches on the home. But, remember this isn’t a home you’re living in yourself. It’s a rental property, and you’re going to want to collect rent as soon as possible. Buying a home that needs a lot of work means that you’ll have to spend a lot of money getting it ready for the rental market.
Most investors can’t afford to wait. They need their rental income to begin flowing right away. You can spot a profitable rental investment by its condition and structure. Look for a well-maintained property that tenants will find attractive and appealing. Have it inspected before you buy it. Talk to a property manager so you’ll know if any repairs or updates will be needed before you list it on the Noblesville rental market.
Make Sure the Money Makes Sense
Location and condition are critical when you’re choosing an investment property because it impacts how quickly you’re able to attract good tenants.
You also have to do the math. Take a look at what you’ll spend on it and what you can expect for rental income. Your property manager should be able to conduct a comparable market analysis that tells you what kind of rents you can expect. Compare this to the expenses you’ll face, including vacancy time, repairs, insurance, taxes, and management fees. Make sure you’re comfortable with the cash flow that you’ll earn.
There’s a lot more to consider before you buy an investment property in the Noblesville market. Working with a professional management company will ensure you’re making good decisions. We can help you spot the perfect investment for your portfolio. Contact us at Red Door Property Management.
