Looking for an investment property in the High Country of North Carolina? Though the competition can be stiff, Boone and the surrounding areas can provide a variety of lucrative rental property investment opportunities. The High Country is home to three colleges with thousands of students in perpetual need of housing, two rivers for summer fun, three ski mountains to attract snow enthusiasts from all over the Southeast, and numerous other attractions that make the region a sought-after place to live.
Smart Tips for Buying Long-Term Investment Properties
When you’re looking to buy a long-term investment property, there are a handful of things you need to consider. The most important is probably zoning and neighborhood restrictions. Pay attention to any POA restrictions that would prevent you from using the property as a rental. Boone has about seven zoning classifications that pertain to residential use.
Approach any investment property that’s zone R1 with caution, as this allows you to only rent to no more than two unrelated people at a time. If the property is more than two bedrooms, you wouldn’t legally be allowed to fill every bedroom tenants unless they are part of the same family.
Long-Term Investments for Student Housing
R1 zoning and POA restrictions should be to considered in a town with such high demand for college student housing. A quick search on Facebook or any of the property management sites will show you that the average room is renting for about $500 with one bedroom units renting for more in the $700 plus range. A great investment could be a house in the R1A zone, which allows for an accessory apartment. The Converted Barn Home we previously featured on our blog, is a perfect example for using your investment property to live in one unit and rent the accessory apartment out, or even rent both units separately.
Think About Transportation
For college student rentals, many investors have considered the AppalCart routes to be a rule of thumb for how far out to go when considering a rental. Being able to advertise that there’s public transportation within walking distance of your rental is a huge plus. That being said, Appalachian State attracts lots of students that want to be out in the county or in the woods, so it’s not uncommon for students to live 15-20 minutes from campus. Rentals that are within 30 minutes of the town of Boone are great options to rent to families and/or employees of the university or hospital.
High Country Short-Term Rentals
Short-term rentals are common all over the High Country. Anything walking distance to downtown Boone is just about guaranteed to be a success on sites like Airbnb because of how much renters love being able to walk to the bars or to a football game in the fall. The area north of Boone, towards West Jefferson and beyond, are great summer destinations as they provide the mountain vibe with quick access to the New River. Areas like Blowing Rock, Banner Elk, Beech Mountain and Sugar Mountain have become year-around tourism hotspots due to investments in summer activities such as outdoor concerts, mountain biking, hiking and their vibrant downtown scenes.
Find Investment Properties Near Boone
As you might know if you have been on any kind of real estate search in Boone, inventory can be tight. Investors that are able to capitalize on the abnormally hot market should provide affordable and quality properties that never have an issue finding a family or professional eager to rent in the High Country. The current situation with COVID-19 has only increased this demand, as people are able to work remote and find being able to live in the mountains and work from home can be an amazing lifestyle.
828 Real Estate is ready to help you in your investment property search. Browse our available listings or contact one of our experienced Realtors and Brokers to get a jump start on your High Country hunt.