What can $500 rent in your city?

General Real Estate Investing
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What can $500 rent in your city?

Jon K.
Member since 2011 · 798 posts · 216 votes

I'm curious. What can $500 rent in your city?

A family house?

A decent duplex?

A crappy room in the ghetto?

A room in a shared roommate apartment?

Nothing at all?

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Pat L.
Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
13y

I remember back in the late '80's we were laughing at a guy we were training with who paid $30,000 for an extra condo parking space in the down town area.

I bet he is laughing now.

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  • Shaun Reilly
    Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
    13y
    Originally posted by Aaron Montague:
    $500 in Boston..

    With @Anthony G. on this one. You can get a parking spot downtown AND a Starbucks gift card that will last you all month.

    You MIGHT be able to get 1 room in a 4 bed/1 bath place in Oak Square. It isn't a down neighborhood, it's just inaccessible by anything except car.

    Aaron I feel if you have a parking spot locked up for $500/month there you can probably make a lot of money subleasing it. :)

    I also think you might be undervaluing Oak Square. Has decent bus access.

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  • Shaun Reilly
    Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
    13y

    In Boston these days you might be able to be the college kid that gets to sleep on the couch in a <600sqft 2BR place with 2 other roommates that each pay more for the privilege of a door.

    As Aaron said that is more parking space money here.

    In my border suburb I doubt you could even rent a small bedroom in a house unless you know the person and they are giving you a huge break.

    Get 45-60min outside of the city and you might start getting into studios and small 1BR places. Get 80-100 miles outside Boston (In towns with terrible highway access so it is a minimum 2 hrs to get there without traffic) you might start getting into 2BR in crappy neighborhoods.

    In contrast the areas I invest in PA you can get a very nice 2BR in the best part of town or a 3BR in the middle of the road areas. Jump up to $600 and you can get a big 4BR in the 2nd-3rd most desirable parts of town.

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  • Aaron Montague
    Rental Property Investor · Brookline, MA · Member since 2013 · 1k+ posts · 777 votes
    13y

    I work directly across from the Trinity Church in Copley Sq. The parking spots in the garages here vary from about 380-480/month.

    @Shaun Reilly Ah, I do see the buses from Oak Square on the MBTA site. I imagine the bike is still a faster method of getting downtown on a daily basis. And yes, I was totally wrong on Oak Square. Nothing renting down there (which isn't much) is anywhere near as low as $500/month. There were a couple of 4 bed places for $2400 but most were at least $2900.

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  • Michael Seeker
    Investor · Louisville, KY · Member since 2011 · 1k+ posts · 1k+ votes
    13y

    Cost of living is pretty low in KY, but $500 will barely get you a reasonable 1 BR in a transitional neighborhood. You may be able to get a room or two in a decent house if you can find somebody looking for help on their mortgage though.

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  • Shaun Reilly
    Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
    13y
    Originally posted by Aaron Montague:
    I work directly across from the Trinity Church in Copley Sq. The parking spots in the garages here vary from about 380-480/month.

    Okay not bad. At one point we were looking for one for my wife who works on State St. I think she was seeing places in the Financial district that were in the $600s. Don't remember the exact price but we ended up getting one in Chinatown for I think the lower end of that range you have. It is about a 25 minute walk for her but it is close to our younger daughters daycare so that logistical part worked out.

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  • Pat L.
    Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
    13y

    I remember back in the late '80's we were laughing at a guy we were training with who paid $30,000 for an extra condo parking space in the down town area.

    I bet he is laughing now.

    1Reply
  • Anthony G.
    Investor · New York, NY · Member since 2013 · 27 posts · 2 votes
    13y

    @Aaron Montague I got a good laugh with Starbucks gift card comment. True story. Although I don't know about lasting the whole month, in New York I believe we drink 3-4 x the national average of coffee, and large goes for 4 bucks.

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  • Jonna WeberPro Member
    Moderator
    Investor · Boise, ID · Member since 2011 · 1k+ posts · 736 votes
    13y

    An older one bedroom without a washer/dryer.

    208-608-4884Podcast Guest on Show #80
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  • Robert AdamsBusiness Member
    Real Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
    13y

    Here is 105 properties for $500 mo or under you can rent in my area: http://las.mlxchange.com/DotNet/Pub/EmailView.aspx?r=194453181&s=LAS&t=LAS

    [email protected]702-349-9175
    The Adams Team at Rothwell Gornt Companies4.972 Reviews
    WebsiteView Page
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  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    13y

    For $500 in Milwaukee you can get a studio or a 1 bedroom, generally in an apartment building, sometimes you can find them in a duplex (although usually no garage space).

    If you go up to $600 you can get into a 2-bedroom duplex or apartment complex.

    If you go up to $700 you can get into a 3-bedroom duplex or apartment complex.

    Podcast Guest on Show #29
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  • Robert AdamsBusiness Member
    Real Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
    13y

    SORRY FORGOT TO MAKE THE LINK CLICKABLE IN MY ORIGINAL POST

    Here is 105 properties for $500 mo or under you can rent in my area: http://las.mlxchange.com/DotNet/Pub/EmailView.aspx?r=194453181&s=LAS&t=LAS

    [email protected]702-349-9175
    The Adams Team at Rothwell Gornt Companies4.972 Reviews
    WebsiteView Page
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