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Winston-Salem Home Rental Market

For Deac's Sake

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My parents recently retired and are looking to relocate to W-S from eastern PA (My sister is in Charlottesville and I’m in Charlotte so they’re trying to somewhat split the difference). They are talking about eventually building a house but want to rent for a while when they first move in order to get the lay of the land.

My wife and I both graduated Wake coming up on 15 years ago and other than day trips from Charlotte for games, haven’t really spent much time in the area since being in school. Looking for advice on a few things:

1. Any general areas/neighborhoods that you would recommend for someone (in this case a couple of 67 year olds) first moving to the area? Single family home or townhome probably.

2. We recently sold a rental property in CLT and have been thinking of taking the proceeds and reinvesting in a new rental. I’ve been toying with the idea of maybe buying something in W-S, my parents could be the first “tenants” and then whenever they move out once they find/build something permanent, we’d hold on to it as a rental. With that mind, similar question to #1 - what areas/parts of town would be good candidates for an affordable property now that has a good shot at appreciating in value over the next few years? If I bought something, would love to not spend more than $250k, maybe $270k max.

Thanks in advance for any thoughts or advice.
 
Sounds like you're locked in on buying a free-standing house, but a friend of mine who recently retired is looking at purchasing a townhouse or condo in downtown W-S as a 2nd home.
 
Check out the Tredegar subdivision in Kernersville. Pretty much exactly what you're looking for. 80% of the community is right around the age of your parents. I've already decided that when we move out in the next 5 years, I'm just going to keep the house and rent it. The two houses beside me sold in the last 2 months. Turnover happens weekly based on the for sale signs I see in the neighborhood. There are also Townhomes in the subdivision, but idk how often they go on sale.
 
My parents recently retired and are looking to relocate to W-S from eastern PA (My sister is in Charlottesville and I’m in Charlotte so they’re trying to somewhat split the difference). They are talking about eventually building a house but want to rent for a while when they first move in order to get the lay of the land.

My wife and I both graduated Wake coming up on 15 years ago and other than day trips from Charlotte for games, haven’t really spent much time in the area since being in school. Looking for advice on a few things:

1. Any general areas/neighborhoods that you would recommend for someone (in this case a couple of 67 year olds) first moving to the area? Single family home or townhome probably.

2. We recently sold a rental property in CLT and have been thinking of taking the proceeds and reinvesting in a new rental. I’ve been toying with the idea of maybe buying something in W-S, my parents could be the first “tenants” and then whenever they move out once they find/build something permanent, we’d hold on to it as a rental. With that mind, similar question to #1 - what areas/parts of town would be good candidates for an affordable property now that has a good shot at appreciating in value over the next few years? If I bought something, would love to not spend more than $250k, maybe $270k max.

Thanks in advance for any thoughts or advice.

Do your parents want to live near downtown Winston or out towards the sticks? Do they want to live out near a golf course, or in a more walkable area? I can recommend some areas on the come up around here where your $250K should grow steadily over time. However our current home is in that price range, and apparently the demand is really low and the supply is really high for "starter houses". We're looking into moving into a bigger place and our realtor thinks she can sell the flipped (new kitchen, bathrooms, floors, etc) ranch home we currently live in for 35-40% more than what we bought it for two years ago.
 
Sounds like you're locked in on buying a free-standing house, but a friend of mine who recently retired is looking at purchasing a townhouse or condo in downtown W-S as a 2nd home.

There are so many new and under construction apartment/condos in the old factory area downtown and I have no idea who they expect to buy them all. I have to believe that you will be able to purchase some prime downtown real estate on the cheap soon.
 
Your parents’ plan makes no sense and only ensures that they’ll spend less time with both of their children and their grandchildren. It also seems likely that as their health inevitably deteriorates over the next 20 years the wont have a son or daughter there to advocate for them and they’ll either have to be moved to a place closer to one of you, leaving behind their “new” home, or just move into assisted living in W-S and barely see either of you. I would advise you to urge your parents to reconsider moving to a place like W-S for no apparent reason.
 
no offense but if you're spending a million dollars on a house in winston you're doing it wrong

i say this as a lover of winston salem
 
Always sad when you see old mature trees replaced by a bunch of saplings.

Used to think that way. Then last spring a perfectly healthy 150 year old oak from an adjacent property fell through our house while we are asleep. Tree came through the dining room and master bedroom.

We are now 10+ months into it and we just passed our framing inspection during the rebuild with a projected completion date of late June. That’s 15 months and a shitload of PTSD (during a pandemic) from a damn tree.

Clear cut it all as far as I’m concerned.
 
Ugh I don't want to read that, there's like a 200yo oak like 20' from my kitchen. Would eat the entire house.
 
I'd just want my parents to either be in my town or the town their other child is in. It doesn't make any sense to split the difference.
 
I'd just want my parents to either be in my town or the town their other child is in. It doesn't make any sense to split the difference.

And WS is an hour or hour and a half from Charlotte but Charlottesville is like three and a half hours. They may as well just move to Charlotte
 
Your parents’ plan makes no sense and only ensures that they’ll spend less time with both of their children and their grandchildren. It also seems likely that as their health inevitably deteriorates over the next 20 years the wont have a son or daughter there to advocate for them and they’ll either have to be moved to a place closer to one of you, leaving behind their “new” home, or just move into assisted living in W-S and barely see either of you. I would advise you to urge your parents to reconsider moving to a place like W-S for no apparent reason.

I would second this advice.

When I was in elementary school, my grandparents moved from PA to within kid bike riding distance of my parent's home. It was great having them that close. Also, my grandfather did a lot of gofer duties for my mom. Take kids here and there, pickup milk, bread etc.

I am sure the parents don't want to upset either child or "play favorites." However, in addition to the stuff mentioned previously, they will also need to make friends and aquiantances in a new area. They will be obvious outsiders because they probably sound like Pennsylvania. Sharing social structures, like church, with a child could help that.

The tough part would be choosing to be geographically close to one child. They would need to put effort into maintaining ties with the other. Family dynamics can be tricky.
 
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