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Started By
Message
Tigerland 4-plex
Posted on 2/14/17 at 9:58 am
Posted on 2/14/17 at 9:58 am
I sometimes see these listed for sale, and I am wondering if they would be a good investment. I really don't frequent the area, but being so close to LSU, I imagine they would be easily occupied. Does anybody know if it's mostly students, or working class, or non-working class that occupies the area?
I know the area is rundown, but I'm sure there are some students that are looking for some budget options, and not looking to spend $1200 on rent.
I know the area is rundown, but I'm sure there are some students that are looking for some budget options, and not looking to spend $1200 on rent.
This post was edited on 2/14/17 at 9:59 am
7
Posted on 2/14/17 at 10:02 am to Rust Cohle
Where exactly are they? Do they have a complex name? The area isn't very good but they do rent so it might be looking into
Posted on 2/14/17 at 10:08 am to Rust Cohle
Do you live in Baton Rouge? Do you have the ability to do a partial renovation yourself, or otherwise get it done cheaply? Are they in a "decent" part of Tigerland? If so, I think they could be a good investment.
I'd brush up on this Low-Income Housing Tax Credit info
I'd brush up on this Low-Income Housing Tax Credit info
This post was edited on 2/14/17 at 10:10 am
Posted on 2/14/17 at 10:26 am to Rust Cohle
Run
Posted on 2/14/17 at 10:43 am to Rust Cohle
Posted on 2/14/17 at 11:03 am to yellowhammer2098
It is like that, but not that particular one, it is an off market listing, but there is one similar on the MLS I think it is four units, around total 3000 ft.². I think they sell around $60 a square foot. . It's in Tiger land acres, the area behind freds. I just drove back there, and some of the units are well-maintained, and others are not. I saw quite a few students out and about walking around. I live in town, and could fix it myself. I'm just not sure which direction it is going. I'm sure there is growth around LSU, and I guess there will always be a need for cheap units to rent.
Posted on 2/14/17 at 11:28 am to Rust Cohle
I at one point was interested in the listing below.
LINK
I think if LSU adopts a pro-growth philosophy similar to that of UA, Tigerland will eventually be ripe for redevelopment (if it isn't already). At some point, the land value for these apartments will be significantly above the improved value due to the low density of the units. Most new apartment developments aren't going to be one bedroom apartments. That is what has happened in Tuscaloosa to an extreme. At some point, I'd expect infill developments to occur closer to campus than Woodlands, Lodges, etc.
ETA: If link doesn't work without an account here's a picture.. 10 unit complex was listed for I think $15k-$20k per unit.
LINK
I think if LSU adopts a pro-growth philosophy similar to that of UA, Tigerland will eventually be ripe for redevelopment (if it isn't already). At some point, the land value for these apartments will be significantly above the improved value due to the low density of the units. Most new apartment developments aren't going to be one bedroom apartments. That is what has happened in Tuscaloosa to an extreme. At some point, I'd expect infill developments to occur closer to campus than Woodlands, Lodges, etc.
ETA: If link doesn't work without an account here's a picture.. 10 unit complex was listed for I think $15k-$20k per unit.
This post was edited on 2/14/17 at 11:31 am
Posted on 2/14/17 at 11:54 am to yellowhammer2098
How much do these apartments typically rent for?
Posted on 2/14/17 at 11:58 am to crap4brain
Brochure
Here's a better link to the brochure. It was listed for $250,000 ($25k per unit). Don't know what they rented for I didn't even consider it enough to request info from the broker.
If I had to guess, I'd think they rent for ~$500 a month.
ETA: Just realized you were talking about the first property I posted. No clue what rent is for those.
Here's a better link to the brochure. It was listed for $250,000 ($25k per unit). Don't know what they rented for I didn't even consider it enough to request info from the broker.
If I had to guess, I'd think they rent for ~$500 a month.
ETA: Just realized you were talking about the first property I posted. No clue what rent is for those.
This post was edited on 2/14/17 at 12:02 pm
Posted on 2/14/17 at 12:08 pm to yellowhammer2098
Thanks, lived in Tigerland in the 90's but I didn't know how much rent it today.
Posted on 2/14/17 at 12:37 pm to Rust Cohle
Area is terrible now would not purchase anything in there
Posted on 2/14/17 at 12:56 pm to Rust Cohle
That area is the next Gardere.
Posted on 2/14/17 at 1:31 pm to yellowhammer2098
Looks like a pretty solid investment for the price, but the neighborhood is pretty rough. I lived at 4738 (I think) Tigerland Ave. around 2008, and the neighborhood was pretty sketchy. There were still some college students, but not many. My two bedroom apartment was $595/month.
When renting out apartments in a slum, how do you get people to move out if they stop paying rent? What if they just won't leave?
When renting out apartments in a slum, how do you get people to move out if they stop paying rent? What if they just won't leave?
Posted on 2/14/17 at 1:38 pm to TheIndulger
quote:
When renting out apartments in a slum, how do you get people to move out if they stop paying rent? What if they just won't leave?
Make the call
Posted on 2/14/17 at 2:02 pm to GaryMyMan
quote:
Are they in a "decent" part of Tigerland?
Does not exist
I had a friend who was in the process of moving into a unit in Tigerland about 5 years ago. The very first day his place was broken into and robbed.
This post was edited on 2/14/17 at 2:04 pm
Posted on 2/14/17 at 2:10 pm to TheIndulger
quote:
When renting out apartments in a slum, how do you get people to move out if they stop paying rent? What if they just won't leave?
You evict them. Once they've been legally evicted, if they refuse to leave you get the police to kick them out.
Posted on 2/14/17 at 2:42 pm to yellowhammer2098
Low ball offer see what they say. I don't think I'd pay $210k but maybe $190k?
The main issue with you not having experience, is that if it goes bad you need to know what your losses are going to be.
I will say though, this is the type of thing that would do much better with you owner renting than having a management company do it. You could vet your tenants much better with common sense.
Another thing to consider, how many of them will want a 9month compared to 12 month lease? One of the benefits of having a lower end apt in my college days were 9 month leases.
The main issue with you not having experience, is that if it goes bad you need to know what your losses are going to be.
I will say though, this is the type of thing that would do much better with you owner renting than having a management company do it. You could vet your tenants much better with common sense.
Another thing to consider, how many of them will want a 9month compared to 12 month lease? One of the benefits of having a lower end apt in my college days were 9 month leases.
Posted on 2/14/17 at 2:46 pm to yellowhammer2098
Is that when they pour concrete down the toilet?
I would much prefer a multifamily in an isolated area. whenever you have big areas like that it seems to compound the "ghettoness" of it.
I would much prefer a multifamily in an isolated area. whenever you have big areas like that it seems to compound the "ghettoness" of it.
Posted on 2/14/17 at 4:16 pm to Rust Cohle
Don't do it. SLUMLORD to the max. Seriously. People get shot every month back there.
Posted on 2/15/17 at 8:02 am to yellowhammer2098
I saw that on LoopNet and went and checked it out.
Student population of that complex is less than 0%.
It'd be one thing if you bought all of the buildings, but they are only selling a small portion of the entire complex.
Student population of that complex is less than 0%.
It'd be one thing if you bought all of the buildings, but they are only selling a small portion of the entire complex.
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