Keeping up with the jones'
Greetings:
Currently looking at a buy-and-hold. Price is $350k (including closing cost) PITI $2500, cash flow $2800. I plan on living on the first floor.
A new house was built right across the street, and it has a garage, balconies, and brick front. Gorgeous. It even has a fence, which is great because the crime is a little high. I want to LIVE there, but the price would probably be $440k. However, the cash flow yield will probably be correspondingly higher! So, my question is, how should I feel? I was thinking the value of my house would go up, if the neighborhood is building these sort of nicer homes. But, personally, I'd rather live there, because I have a car, and would feel safer with a nice fence.
Thanks for your time and consideration.
Respectfully,
Adam