For those individuals in the San Antonio area who are interested in property investment, the question of what makes an excellent rental property should be at the forefront of your minds. Pyramis Property Management has been in the business long enough that we recognize certain features that make for good investment properties, and we compiled this list that should come in handy for you.
The neighborhood where the property is located is going to matter just as much as the features of the property itself. The axiom “location, location, location,” when it comes to real estate is certainly going to be true in regards to how much you’re going to be able to charge. For instance, a house or apartment that is close to public transportation, bars, and restaurants is probably going to do well for you. One that is close to excellent public schools might be suitable if you know that your tenants are likely to have school-aged children.
The Property Taxes
There are some neighborhoods in San Antonio where the property taxes are going to be steeper than in others, and that can make a big difference when it comes to your bottom line of profitability. The assessment office for San Antonio will have that information for you, or you can also use an online tool like Zillow to ascertain how much property taxes were on a property for sale in recent years. That factor alone might convince you to go in on a property or avoid it.
There is little more vital to a potential tenant than how much criminal activity is taking place close to them. If they are trying to raise a family, then that issue is going to be doubly important. If a property is in good condition, but it is close to a park where drug deals often take place, for instance, then that might be reason enough for you to back away from the sale. Drug activity usually means violence, not to mention robberies and burglaries. It’s helpful to speak to the police to get some idea of neighborhood crime stats, and you can also find those online easily enough.
The last part of property scouting that’s worth mentioning is the job market. If the property is in an area where there are abundant jobs that are in high demand, then you’re probably going to be able to charge tenants a little bit more. You can use the U.S. Bureau of Labor Statistics to find out about that aspect of the neighborhood. If there is one particular corporation nearby that is offering most of the employment, whether someone will want to live there will depend largely on the public’s perception of that entity.
Different tenants are going to be looking for different things, but generally speaking, any tenant is going to want to live in a safe, clean area with lots of nearby amenities. If the property that you are considering is in a marginal area, which is to say one that isn’t currently the most appealing, then keep that in mind before you decide to make a bid on it.