And I do not recommend it, since the area is depressed, weak demographics, and little prospect for improvement.
It’s like this bartender/owner from NJ who I know. Someone sold him on buying 20 rental units (shacks, really) in some depressed part of Mississippi. His returns were amazing on paper (something like $15k per unit, $500/mo rent) but he sold it after getting tired of chasing bad tenants, 50%+ vacancy, property managers who spent the rent income on booze, etc, and generally having to fly down there every other weekend.[/quote]
It is seldom a good idea to invest in real estate far away, where you do not know the local conditions and cannot manage properly. In my case, I invested in the Yuma area when it was booming, 5 – 8 years ago. Then it collapsed with the rest of the bubble, and has barely improved since hitting bottom.
However the mostly Hispanic tenants are good: family values, hard working, and loyal long-term residents. And the quick evictions, when necessary (once or twice a year), are a plus I did not experience in CA.
