I am looking to purchase my 2nd investment property. For a rental property, I prefer something intown to attract the most renters. Condos are the most affordable but HOA fees range from 4300-500 per month and some have rental restrictions but I have found some loopholes with that (no rental restriction properties and properties that have not met their rental cap). The condo market in Atlanta is flooded and face steep competition from new apartment complexes. Prices are dropping rapidly which causes for some concern to purchase one.
If I go with a single family home, where I can afford it is outside of the city limits. In most cases there are no HOA fees. A family member is moving to Atlanta and will be my first tenant for the 1st year. I know that they prefer to be in within city limits as most people would as they explore a new city that is their home. Plus, a condo is less manageable.
I really do not know which type of home to select. I think the condo market is soft and many are listed for rent or for sale, and they are still on the market. Please help.
Well you've answered your own question, you think SFR is the stronger investment, but your family member wants something in the city even though that may be a worse investment. So you need to decide if you want to make the best investment or provide the housing that will make your family member the happiest.