I checked out a condo listed this morning. Second property in two days because I will not stop until I get my first rental. I did not bring my realtor because I just wanted to get a feel for the area. It is a 2br/2ba condo on the first floor but the first thing that I noticed was the smell of cigarettes. I could see this as being a detriment to rents or increasing turn-over.
Neighborhood: Condo's in this area are packed because it is a cheap place to live in a upscale and booming area.
Property Condition: Completely rehabbed - new laminate flooring, appliances, carpet etc. However I did not view the inside as of yet, going by the pictures. Will be visiting this property this week if the feedback on this issue is good.
Median rent: 1250
= 1250/2 = 625 - 500 (mortgage & insurance) = +125
* all factored in at asking price and mortgage rate that I am pre-approved for.
1. How does cigarette smoking factor in to deal when investing in condo? Any additional steps to take?
2.. What side of the HOA come out of when factoring the 50% rule? I assume that it is included in the side with exterior maintenance since the HOA covers exterior work etc.
My thoughts are that cigarette smoke will increase turnover slightly and possibly decrease rents slightly but not enough to make it a non-deal. As I mentioned, this is a very nice area around a lot of thinks and feel that there will be a high demand for living cheaply in this area.
I personally like the idea of investing in condo's but realize the negatives when compared to SFH. Any advice would is appreciated!
also how do popcorn ceilings factor into condo rentals?
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