Advise on an offer on a rental property
l live in Montgomery County Maryland where the property prices and rents are on a higher side. This would be my first investment property if the offer gets accepted.
I am looking at 2 properties:
1. I just went and looked at this townhome which is listed for 120k. It is a foreclosure townhome and the property is in very good condition. My realtor told me that I could get about $1400 - $1500 mo. The neighborhood seemed really shady. I was really hesitant when I looked at the people in that community.
2. Another property that is listed as short sale for $170k. It is a newer townhome in the suburbs and rent would be about 1400 - 1500 also.
It is a huge difference in price and I am not sure if any of above seem like a good option.
Thanks for your help.