Real Estate Agent · Peoria, AZ · Member since 2016 · 3 posts · 0 votes
I am contemplating buying a rental property in Sun City. I plan on doing annual leases, so it would not be a seasonal thing. Just wondering if anyone has long term rental properties in Sun City. How easy was it to get renters, what is your property like (Phase I, II, III, etc.), beds, baths, and what is the monthly rent you are charging. Any info is appreciated.
Investor · Scottsdale, AZ · Member since 2016 · 1k+ posts · 885 votes
9y
Hi Chris, I was able to get a 3 bed 2 bath in Sun City on a Lease Option for $185,000 on a $10 Option, $850 a month and $850 deposit.
I Sandwich Lease Optioned it out for $209,000 getting a $10,000 Option fee for $1250 a month making $450 on a positive cash flow.
What I wasn't told by the Landlord/Seller is that there are about $4300 in transfer fees in Sun City, I was not given a CCR (only later to find out it is a 55+ community) and that the A/C was going out. ;-) Because of the State's Landlord Tenant Laws, the Landlord/Seller is on-the-hook for the cost of the A/C.
I could have sold two more if I had the inventory.
Investor · Thornton, CO · Member since 2014 · 14 posts · 6 votes
9y
@Account Closed do you deal with any specific management companies or realtors? The Sun City area was recommended to me by a friend and I'm working on gathering info on the area. Thanks!
Investor · Scottsdale, AZ · Member since 2016 · 1k+ posts · 885 votes
9y
Hi Jason, no I don't know of any management companies. I live in the area and when I sell a place, the tenant/buyers are responsible for everything because they are buying or are intended to buy the property. These are not "rentals" in the traditional sense. It is a good place to invest though
Realtor · Peoria, AZ · Member since 2018 · 107 posts · 26 votes
6y
@Chris Maki, I just came across this thread. I'm curious if you ever ended up purchasing a rental in Sun City? I'm in Peoria and I have often thought about exploring that market.