Excellent investment opportunity. OWNER requires AT LEAST 1 year rent back. Investor has the advantage of a solid tenant for at least one year. Convenience driven community in the bustling Mosaic District of Merrifield, Fairfax VA. Walk to shopping, entertainment & restaurants. If you work in DC, park the car in the garage and take the shuttle directly to the Metro. HOA includes use of pool/gym at Avalon and cost of shuttle to Metro. Easy access to Route 50 and 495. This home has been lovingly maintained. Hardwood on all stairs and main living area. . Carpeting in all bedrooms. Tile in all bathrooms and foyer. Rear load 1-car garage with added storage racks. Additional covered parking space. Zoned heating & cooling. Rooftop patio w/ panoramic views of the north, east and west. Natural gas line installed for easy rooftop grilling.
And what rent is the owner willing to pay. It likely needs to be considerably higher than their current mortgage, assuming they have a lower rate, purchased at a lower price point, have a lower insurance policy, and to cover operating costs. I dont see a lot of homeowners doing a rent back at double their current mortgage payment.
The owner is willing to pay their current mortgage , the owner could have putt only 10% down and had PMI so its not likely higher. Many of these town homes are rented and the rent covers the mortgage. Also note that rental/investment properties require 15-25% down so not necessarily the case the rent will be higher than current mortgage.
$6,000 a month is roughly break even for an investor. To get a 10% cash on cash return, the rent needs to be $7300 a month.
What is their current mortgage payment?
There are other components of return and not just cash flow. There is appreciation in the house. If not interested thank you for your opinion.
Im not sure what other investment provides a 10% return every month - also our property is supposed to increase in value 3% year over year.
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