Selecting a profitable rental home can be a challenging process, especially in a real estate market like Killeen TX, where there are countless options to choose from. The real estate experts at Lone Star Realty & Property Management Inc can help you with the valuable professional guidance that you need to choose a property that will give you the income from rentals that you are expecting. We have years of experience in working with home sellers and buyers in and around Killeen, which enables us to provide our clients with a comprehensive list of services that ensure a smooth and well-informed real estate transaction. Enlisted below are the top features of a profitable rental property in Killeen:
- The quality of the neighborhood: This definitely stands as the most important feature when it comes to determining the value of a rental property. This goes a long way in determining how often you face vacancies and the quality of tenants you attract.
- Crime rates: You want to make sure that you invest in property in a safe area. After all, no one wants to move to a place branded as a hotspot for criminal activity. You can get accurate criminal statistics for a neighborhood you are considering by visiting the local police.
- Employment opportunities: In the current economy, one of the key considerations for most renters is living in an area where they can get good jobs. The U.S. Bureau of Labor Statistics can provide you with information on how a particular area rates in this aspect.
- Average rent: It is important to know what the average rent in a particular area is, before investing in a rental property. You want to ensure that the average rent will be enough to cover your mortgage payment, taxes, and other overhead expenses, while also leaving you with the profit you are aiming for.
- Amenities: Look into the amenities like parks, malls, gyms, movie theatres, and public transport in the neighborhood you are considering. All these perks attract renters, making it important to find the ideal blend of private property and public amenities.
- Property taxes: It is important to note that property taxes are not governed by standard rules, and can vary significantly from area to area. You can get the tax information you need from the town’s assessment office, or by talking to homeowners in the community. However, you should be aware that high property tax is not always a bad thing, especially if the property is exceptionally profitable.