I am new to investing and currently saving up for my first investment property. At first I was looking into multi family homes and apartments with more than one bedroom. However, I realized that I can make a similar profit with a one bedroom as with a two bedroom ( at least here in NYC). The one bedrooms are much cheaper and easier to afford the down payment. I was wondering on what anyone else's experience was like investing in one bedroom apartments and any tips would also be super helpful.
Welcome to BP!
How much is the sales price of a one bedroom that you're looking at?
What is the rental rate of a similar one bedroom in the same building?
What is the HOA/co-op fee in the building?
How much are property taxes/insurance?
The sale price of the apartment that I am searching for is about $90,000. The cost of rent for a one bedroom in that same area ( I didn't check the building) ranges from $1300-1800. The HOA/Co-op fee is a little over $500 a month and i didn't check the price for property taxes and insurance but together it shouldn't be more than $200 a month.