Are investment properties in downtown Boise, Idaho worth the risk?

This July, we take a closer look at investment properties in downtown Boise, Idaho. We also see some continuous growth on the bench. And is this a trend or a fad: Eagle rent continues to go down.

Back on the Bench

The Boise Bench and the area south of the airport (zip code 83705) has seen rents climb 24% in the last two months. The rentals available in May, June, and July were all roughly the same size, about 1,550 square feet, but the overall rent and rent per square foot continued to rise.

Meanwhile, the median rent in Eagle went down for the second straight month, coming in 9% lower when compared to May.

To see last month’s report, click here.

Downtown and North End

Investors might want to take a look at Downtown Boise, Idaho including the north end (zip code 83702). Rentals come on the market much less frequently in this area but the rents are higher and rentals are only sitting for about 2 weeks, on average. The median sales price on a rental type home in June-July days was about $710,000 (1,500-1,700 square feet according to the MLS).

One big consideration investors need to account for is maintenance and possibly renovations. Unlike the Meridian areas, the 83702 is loaded with mature homes that can be 50-100 years old. While this brings in old world charm, it potentially means more updates are needed and repairs are likely.

On the flip side, homes have appreciated nearly 20% a year for the last 5 years! These properties are hard to find. But when you find the right one, jump on it!