This is my first post and I am not sure if I can ask this , but just giving it a try. Let me know if this is not appropriate.
We are looking at condos for rental property. There is a 2 bed, 1 bath ( 1 level) condo at 150k and another 3 bed, 2 bath ( 3 levels) with garage at 250k . We don't know the rent we would get for the 2bed/1bth but we know for the 3bed, 2 bath we will get around $1500 .
I would prefer to buy the $150k as the downpayment is less. However i am worried if this will rent out easily or not? Its closer to a company an a good school district.
Which one do you think would be always occupied the 3 bed/2bath(3 levels) or 2 bed/1 bath (1 level)
Thanks a ton!!
Thanks Travis for your reply!! I checked Zillow again.
I mistyped as 250k sorry its 225k and it has an z- estimate around $1495 per month (however realtor is telling it will rent from $1600 -$1800)
..for the 150k one, I see similar place with current renting list price is $1295.
Which one do you think is best option? Thanks again!!
based on the information you supplied, I would go for the 150k property. Spending $75,000 extra to get $200 more rent a month isn't too appealing. And take the realtors estimate for rent with a grain of salt.
As Travis said, find out the association fees. they can make or break a deal
Thanks Tony!! Will check on the HOA fee...they have open house tomorrow!
Thanks for your patience!
Here is what I found out both 225k (3b/2bath) and 150k (2bed/1bath) are new construction condos...these are last of them so the builder has reached the quote for owners hence they are allowed to sell to investors. . I also found another house resale which they are selling for $229k
i found out renting price from current tenants and hoa price(its high!) from similar layout renters, here are the details:
225k-> new built, no appliances, $276 hoa , rent $1600 ( the back side is on main road, there is noise)
229k -> 2007 built, appliances including ac, $276, rent $1600 (inside community)
150k -> new built, no appliances, $256, rent $1350 ( the back side is on main road, there is noise)
I am planning to put an offer for 150k with closing costs and appliances but considering the 229k old house if the owner will be ready to sell for 220k + closing costs...
What would you advice?
This post has been removed.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.