Just read in the paper about a dude that was found shot to death in his apartment near Henry Clay High School. That got me thinking about the other apartment complexes in that area.
For those that don’t know the area, it has what are now some lower end apartments near Richmond Road and some of the most desirable homes in the most desirable zip code, 40502.
When I was a kid, the apartments near Richmond Road were okay places to live. At that time, the now razed apartments off Lakeshore on Laketower were really nice…..although by the late 1980’s the ones called “Two Lakes” were turning into the place for well off college kids to drink beer on the floating dock.
Now, you would think the old “Location, Location, Location” mantra would apply to apartments too. Not the case. I’m going to use the old apartments on Laketower as an example. Here you had two apartment complexes surrounded by super high-end houses, some of the units even backing to a lake. What happened? Well, the same thing that happens to just about all apartments in time. Investors cash flow them to death, sell them for cheap to somebody who cash flows them to death, and this cycle continues until they become cheap enough for an investor to fix up or they get condemned…….or in the case of the Laketower ones, they get torn down! Is any of this the fault of renters? Heck no. It is all in the hands of investors. I never blame the tenants for this cycle. Shoot, when my wife and I were first married we lived on Redding Road. It was a decent, affordable place back then and now it is a dilapidated building that is for sale, probably because the landlord knows it is about to need a lot of money spent on it!
So, stuff like this is why I will always recommend my clients not buy a house that backs to apartments, or one that has car/pedestrian traffic from apartments. Even the nicest apartment complexes will eventually become a run down eyesore. If it can happen to a complex that is on a lake, in a great school district, and within a neighborhood full of $400,000+ houses, it can happen anywhere given enough time.