Why Should I Purchase a Rental Property in Roanoke, TX
Does Roanoke, TX rental property align with your investment strategy? Learn more about what makes this area attractive to investors and residents. A property manager can be an important asset when it comes to learning more about a new market.
When deciding if Roanoke is the right place to purchase a rental property, what should you be looking for in a real estate investment? Base your decision on current data like the average rent for the area, time on market, and average home prices.
Know in advance what your strategy and goals are. You want to make sound decisions based on good data. Some areas only offer an investor appreciation. Is there going to be negative or positive cash flow? What kind of appreciation can you expect? These numbers should provide you realistic expectations based on the current market and expected growth.
About Roanoke, TX
Roanoke, TX , located in the Dallas – Fort Worth area, has experienced tremendous growth in the last 10 years. People are moving there for both jobs and a suburban lifestyle. The increase in population has resulted in a lot of new home construction. Roanoke offers residents a safe community surrounded by beautiful areas like Canyon Parkway Park.
- Population: 9,585
- 60.77% population growth in the last 10 years
- Lower crime rates for the area
- Cost of living is lower than the national average
If your strategy includes a city with forecasted future growth, Roanoke might be a good fit.
Economy in Roanoke
- $107,191 median household income
Roanoke attracts people and businesses with its location and lower taxes. The area has a good mix of white collar and blue-collar jobs that include sales and office workers, professionals, and manager type positions. Incentives program are in place to encourage new businesses to locate in the city.
Looking at the information about future growth of the city is important when weighing the decision to invest in the area. There are a lot of positive signs that indicate Roanoke will continue to grow, which makes it a great place to invest if you are looking for long-term appreciation in value.
Before you purchase, contact Mynd Property Management. We have proprietary data that can help you determine if you will reach your goals with a Roanoke rental property. We want to be a valuable part of your investment team. We know areas to choose as well as those to avoid when it comes to rentals. We are ready to help you with your next investment property.
If Roanoke doesn’t fit your strategy, Mynd has offices in 19 investable markets. We can help you identify your goals and find markets that fit your strategy. If diversifying your portfolio across several markets is something you are ready to implement, we can help with that as well.
How to Accurately Set Rent for my Roanoke, TX Rental Property
How do you know what to charge for your Roanoke, TX rental property?
Rent rates can fluctuate based on several factors that include:
- Current economic situation in the city
- Is your property type what people are looking for?
- What is the demand for rentals in the area?
- How updated is your property? Will it attract tenants?
- What conveniences does your property offer such as location?
- Are you renting during the prime leasing season?
Ultimately the market determines the rent.
You will want to look the data that shows the current market in Roanoke, TX such as
- What are the average homes prices?
- What are properties renting for?
- What is the year over year growth?
- What are the growth trends?
Let’s look at some statistics for Roanoke rental and real estate markets.
Roanoke TX real estate
- $340,000 median house value
- 8.2% appreciation
- 10.5% increase in price of homes sold
- 7.3% forecasted appreciation over the next year
Average rents in Roanoke
- $1,254 Average rent for 2 bedroom home
- $1,650 Average rent for 3 bedroom home
The trend over recent years shows rent has been slowing increasing. If you are looking for cash flow out of your investment, you are going to need to run some numbers to see if that is possible in the Roanoke, TX market.
- 31% Renter Occupied
- 68% Owner occupied
Since most homes are owner occupied, you can assume they are being taken care of and your home value will benefit.
If you want to know how much your home will rent for, contact Mynd for a FREE rental analysis. If you are still deciding whether to purchase rental property, our Roanoke property manager can help you run the numbers to determine if this market works for you.
Why Should I Hire a Property Management Company in Roanoke, TX
What does a Roanoke property management company do for you?
The first step of investing is buying the property. The management of the property is equally as important. It can make the difference between meeting your goals and not. It is important to select a reputable, professional Roanoke property management company that offers you the peace of mind in knowing your property is being taken care of.
Day to Day Operations
Property management includes taking care of the day to day operations required with a rental property. This includes tasks such as:
- Marketing the property
- Accepting applications and screening
- Lease singing and enforcement
- Rent collection and owner money distribution
- Overseeing the move in process
- Eviction process if this becomes necessary
Each of these tasks must comply with local, state, and federal laws. When you hire a property manager, you know that the procedures and systems they have in place are in compliance with laws and regulations.
Property managers also handle maintenance issues including those middle of the night emergency calls. Mynd has access to quality vendors at a discount. Some common issues you can expect to see regarding maintenance in the Roanoke area include:
- HVAC issues due to the extreme heat and cold throughout the year.
- Plumbing issues due to plastic piping found in many homes
- Foundation settlement due to the soil in Texas
Your Roanoke property manager can address issues such as these and have access to quality vendors at a discount.
Laws and Regulations
Mynd’s property managers are well educated when it comes to knowledge about the laws. We have inhouse legal counsel that ensures your property is being protected because it is being managed in a way that is compliant with current laws and regulations.
Examples of local laws that apply to Roanoke rental property include:
- Texas Homestead Laws
- Texas Leases and Rental Agreement Laws
- Texas Adverse Possession Laws
- Texas Civil Statutes of Limitation
Look for the property management company that can be your partner
A property management company is there to make sure your property is protected while also ensuring the tenant is taken care of. At Mynd, we offer a three-tiered pricing structure so you can pick the level of service that fits your needs. Contact us about property management in Roanoke TX today.
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