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Tom Albares
  • Investor
  • Tucson, AZ
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Need some advice

Tom Albares
  • Investor
  • Tucson, AZ
Posted Jul 29 2016, 13:12

I'm looking for a buy and hold rental property here in the Tucson area.  But most of the SFHs that I find are either going to auction or have already been flipped.  And once they flip, none of the rules of thumb work anymore.  They will barely make money.

So instead, what if I looked for a turnkey condo in a golf area of Tucson as a vacation rental instead. A realtor I am working with has an unlisted 3 bedroom condo in Ventana Canyon (a nice section of town) that has been used a vacation rental. Fully turnkey, fully furnished, $159,000 is the asking price. Rents during high season are $3500/mo (Oct - May). The rest of the year, it can draw $1800 - $2300/mo. I think the risk is higher with HOA fees and a more expensive property, but the rents are far greater. There is also the obvious risk it sits empty.

I would appreciate your opinions.  Thanks,

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