Howdy. First-time long-time.
I have a paid off high-end 3/2 freestanding home with a small yard renting for almost exactly 1% in the Houston Heights (decent market even during the oil slump thanks to gentrification, blahblahblah.)
Cash flow after taxes, maint. etc. Is $1,500, which I funnel directly into Earlyretirementsville.
I will get to the chase. My rental is on a fairly busy street. This has always been ok by me because I have plenty of eyes on my For Lease sign. But there is a high-end 300-unit apartment complex (and associated retail/restaurants @ ground level) going in two blocks down the same road. How does this change the game for me? Does anyone have experience with this?
Is hoping that retail/restaurant and continued gentrification off-set market saturation and my little yard looking that much more appealing to renters not seeking a shoebox just wishful thinking? Time to cut and run?
Relatively new to all of this, so I definitely appreciate everyone's input! Thanks!