Once you decide to invest in Arcadia real estate, you have several options for where and what to buy. Think about your investment goals before you make a decision. Single-family homes are excellent options when you’re looking for stable, long-term tenants and a higher rental value.
We recommend speaking with a professional property manager before you close the deal. You need to know about potential rental values, what kind of work will be required to make the property rent-ready, and how to strategically market any potential rental property.
We have some ideas on where you might want to buy a single-family rental investment in Arcadia.
Where Do Arcadia Tenants Want to Live?
Tenants in Arcadia who want to rent a single-family home are looking for privacy, space, and a neighborhood that’s safe, established, and close to great schools, shopping, and recreation. These are the renters you need to think about when you’re choosing the right investment property. Research school districts before you buy. Evaluate the commuter routes and whether an HOA property offers more amenities than a single-family home that’s not part of a community association or sub-division.
Most single-family tenants will be looking for outdoor space, off-street parking that involves a garage or at least a driveway, and a low-maintenance floor plan that accommodates their lifestyle. You can expect these tenants to have pets and to look for locations that have sidewalks, trees, and a sense of security.
Arcadia Rental Properties: What to Look for and What to Avoid
Excellent investment options exist throughout Arcadia. Real estate investors can expect to earn consistent rental income while they have good tenants in place preserving the condition of their property.
Don’t be tempted to buy homes that need a lot of work. Not only will you have to invest money in making repairs and renovations, you’ll also delay the leasing process and collection of rent. Find a property that may need a bit of cosmetic work but is otherwise ready for tenants to move in.
Remember that this has to be a business decision, not an emotional one. You’re not shopping for a home that you’re going to occupy. While you might insist upon granite counters and large yards when you’re buying your own home, purchasing an investment property requires you to look for different things.
Consider Tenant Demographics When You Buy
Think about the types of tenants you’re hoping to attract before you purchase a rental property.
Demographics are important, and you’ll want to know who is living in each part of Arcadia. A lot of current and future tenants are older adults who may be nearing retirement age. They are likely looking for one-story single-family properties that don’t require a lot of work but also provide the quality of life they’re accustomed to after owning their own home.
They’ll want to be close to medical centers, restaurants, and grocery stores.
Millennials are known for doing things their own way. They’ll usually prefer a walkable neighborhood. They will appreciate being able to walk and to engage in community activities and events. So, if you’re hoping to attract millennials, don’t buy a property that’s really remote, with a three-car garage. Millennials are making up a larger part of the tenant pool because they’re less interested in owning homes and more interested in renting.
If you have any questions or you’d like some advice on where to buy a rental property in Arcadia, contact us at ZenPro Property Management. We love working with investors to find just the right rental home.
