Buying New Townhouse in Phoenix Biltmore Area
Hi,
I’m hoping someone can provide some insight or opinion on purchasing a higher priced townhouse in the Phoenix Biltmore area.
Here’s the details:
I currently own a condo in Tempe,AZ that I recently rented out and My tentative plans are to keep buying properties, living in them for a year or 2 and then renting them out.
The new place are that I'm looking at purchasing is new construction to be finished in a month or 2. "Encue Biltmore" is the community on 24th Campbell. HOA is $247/month and I verified they allows rentals. The townhouse unit I like has 3 bedrooms, bonus room on first floor and also a rooftop deck facing camelback. The Unit is priced at $525k.
Basically, I’m concerned that I’m making a bad decision and it’s going to be hard to rent out a townhouse in the price range of 2,800-3K or worst case scenario trying to sell in a couple years since buyer at 500k+ price points are typically more selective/picky.
Anyone else own higher priced rentals in Biltmore area or Old town Scottsdale? Would you recommend against buying a more expensive place and rent it out?
Do roof top decks help for rentals or even selling?
Do you think old town or South Scottsdale would be a better location? There’s also some newer condos that I looked at in those areas that I’d be interested in purchasing since the HOAs are lower.