When I started investing 20 years ago, I thought seriously about focusing my investments in the Fairport area. The reason why is because I thought the area was ripe for development. Plus, it was a lake front community with an amazing little beach.

My thinking on this opportunity was obviously a little early as the area has remained the same for the last two decades.

This may all be about to change and this could represent a great investment opportunity.

The News Herald recently reported that developers are considering a plan to build a large indoor water park near the Fairport Harbor beach. This plan is still in the early stages and hasn’t been approved. If it does get approved and the developers move forward, I believe this will be great opportunity for real estate investors.

One of the opportunities would obviously be buying real estate for possible appreciation. This is speculation and I wouldn’t recommend this approach. It is better to treat appreciation as a bonus and focus on investments that provide attractive income.

A better opportunity would be to buy single-family homes for rental income. As the development moves forward and the infrastructure of the area is improved, you’ll be able to raise your rental rates increasing your return on investment. The demand for the area will improve and this will be profitable for those with income properties as you’ll be able to extract more cash each and every month.

Another opportunity would be short-term rentals for families coming to the new indoor water park. They could rent your home for a few nights instead of being stuck in a small hotel room. These short term rentals can be extremely profitable as your rental rates are significantly higher than you would get with long-term rentals. Imagine renting a Fairport home for $200 a night?

This may be the best opportunity because the indoor water park and awesome lakefront beach would possibly provide year round short-term rental demand.

The only challenge is the supply of homes is limited. As I write this article, there are only 13 single-family homes listed for sale in Fairport. The asking prices range from $38,000 to $180,000.