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Corner Lots – Good or Bad?

July 21, 2012

Do you own any properties on corner lots?  We own a couple and they have good and bad traits. I own another that is one house off the corner. My only advertising for my rentals is the sign in the yard, so I actually prefer corner lots.

Other investors I have talked with do not like corner lots. I suppose it can depend on the class of the neighborhood and exactly how busy the corner is. Below are some of the good and bad traits that I have noticed:

Good:

  • Visibility. For me, I really seek out where my ‘For Rent’ sign will get the most visibility. A home in the middle of a street with limited traffic will probably sit vacant longer. If I was flipping, I would not seek corner lots – but for rentals I really prefer them.
  • Larger lot. I found many corner lots are slightly larger than internal lots.
  • Garage access. One of my corner lots has access to the garage from the side of the lot. My tenants seem to like this.

 Bad:

  • Break ins. Unfortunately, I have had a break in at one of my corner lots. It was a smash and grab – occurring in the middle of the day. It was unfortunate, but the only problem I have ever had of this nature.
  • More maintenance. The larger corner lots will require more maintenance with a larger yard and more edging along sidewalks and curbs.
  • Odd Shaped lots. Some corner lots can be oddly shaped.
  • More trash. The corner lots seem to accumulate miscellaneous trash. Perhaps it’s just the wind just stops tunneling at the end of the street or maybe due to the additional foot traffic.
  • Traffic. Corner lots have more vehicle and pedestrian traffic. This can lead to more noise, trash, and other undersireables.

Ultimately, the visibility of the corner lot properties during vacancies outweighs the negatives. During my last vacancy on a corner lot, I received 75 calls on the home.

Where are you at on corner lots? Do you seek them out or avoid them?  Had any problems with your corner lots?

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