Updated over 4 years ago on . Most recent reply
Rental properties w/ high HOA
I am researching to buy my first rental property. I am looking in the Washington DC area. Most of the houses / condos will be in the 500k range. When running mortgage calculators, the monthly cost would be:
Mortgage: 1700, Taxes: 360, Insurance: 170, HOA: 500 (or more!)
Total cost per month: 2730
When I look at rental prices in the area, I would barely come out positive if not in the red.
Question: What should I do differently when looking for houses or am I analyzing the properties incorrectly?