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As an investor, you know what type of rental home you want and why you want it. But sometimes, these rental homes are hard to find. Therefore, you may have to dig a little deeper to get what you want.
That’s the lesson I learned this month.
I was digging around Kuna looking for some new builds that penciled in at over a 5% return. New builds are great because if they are done by a large builder, they typically have a solid home warranty plan for a year, reducing risk.
I found a couple but the options were limited. Combined with what may be the start of a trend in dropping rents in Kuna, I wanted to expand my options.
My eye turned to southwest Boise.
Southwest Boise in the 83709 zip code stands out as a good comparison. Both Kuna and southwest Boise are south of the freeway and the rental homes are similar in size and price. Both areas have appreciated at about the same rate over the last six months.
After a little digging, I found three new builds on the MLS that all penciled out over 5.5%. Click here to see which three I found.
The point is that if you are looking for a rental home and can’t find what you need, dig a little deeper into surrounding areas. You might find a whole other area that will expand your options.
Downtown Boise Stays Hot
Similar to July (you can read that report by clicking here) Downtown Boise and the North End continued to move their price per square foot in an upward climb, gaining another 8.6% ($1.81/sf). Rents in the area are around $2,500 per unit for single family homes.
Best of the rest (if you enjoy a good chart)
What’s missing?
My goal is to keep improving these reports every month. Let me know what you would like to see in future reports.
Last month’s report
Curious about the previous month? Click here.
