Condos with a Riverview--good investment?
Hello,
I saved up about $20k for my first investment in the southeast WA region. I was originally searching for duplexes but was unable to get one in my area. The duplexes had 6 to 7 offers on them the day of and were really hard to pin down. Since then, I have readjusted my strategy and looked at other options. This week a riverfront condo came on the market for $135K...the duplexes I was looking at were running about $200K.
I did some research and found that this particular condo was sold for $105K in 2013. So that is a $30K jump in the last three years. My thought now is to buy the condo and live in it myself (it is newly updated/renovated. In great shape). Then, look to rent it out within the next year.
My general thought is that even if I break even with it as a rental for a few years, it seems that riverview property is going up and would appreciate in my current market. I also wouldn't mind having this long term because the view is great. Any thoughts feedback would be greatly appreciated! Cheers!