what are criteria in researching communities
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what are nearby amenities, attractions?
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when was the houses were commonly built?
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what are the common building type?
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what are the zoning regulations? does zoning regulations allows more units per lot?
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what is the population? what is the population growth?
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what is the average income in the area?
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what is the crime rate?
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what are the rentals supply/demand in the communities?
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what are the average rents?
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is it A, B, C, D neighborhood?
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what are the long-term potential appreciation compared to current returns and cashflow?
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what is average house prices?
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what real estate investment strategies could work for this neighborhood?
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what’s the prompt for AI to get more information on the communities?
- you’re an expert in realestate investing, give me detailed outline on the Nolan Hill neighborhood in Calgary with the following questions:
- what are nearby amenities, attractions?
- when was the houses were commonly built?
- what are the common building type?
- what are the zoning regulations? does zoning regulations allows more units per lot?
- what is the population? what is the population growth?
- what is the average income in the area?
- what is the crime rate?
- what are the rentals supply/demand in the communities?
- what are the average rents?
- is it A, B, C, D neighborhood?
- what are the long-term potential appreciation compared to current returns and cashflow?
- what is average house prices?
- what real estate investment strategies could work for this neighborhood?
- one possible set of criterias for investing
- does median income support the rent you want? (income at least 30% of rent)
- City-Data.com and RichBlocksPoorBlocks.com
- less than 15% of the population to be under the poverty level.
- is population growth positive?
- Generally, we want to see the population growth that exceeds the national average. So over the last ten years, the national average was like 9.7%. If that town that we’re in is growing faster than that, that’s generally a good sign.
- is it flood zones?
- go to FEMA website, pull up the flood zone maps, and make sure we’re not in a flood zone
- what’s the crime rate in the neighborhood?
- heat maps from Trulia
- is it built after 1970s 1980s?
- can the pipes be repaired or need to be replaced?
- i.e.: Polybutylene pipes should be replaced because they can’t be repaired. Their average lifespan is 10 to 15 years. If you have polybutylene pipes in your home, then you should replace them before they break.
- what’s the cash flow on the property?
- what’s the small cosmetics value add opportunities on the property?
- what’s the landscape looks like?
- can it be painted?
- can I replace the floor with vinyl flooring?
- is the roof flat?
- is the property currently self-managed?
- 1% rule (cash flow/house price)
- 70% rule (After repair value minus repair costs)
- does median income support the rent you want? (income at least 30% of rent)