I understand longterm the SFR is probably easiest to sell to cash out but if I am going for apartments/condo style properties, are 2br better than 3br?
3br seem to me to be harder to rent since people will usually have only one room mate or want to live alone and prefer a 2br for a guest, office or just extra space.
3br seems harder to rent. What do you guys think?
In my experience both can be very easy to rent, just remember that your occupancy limits differ, if you have one set for the property you may acquire. As far as resale, a 3 bedroom may be the easier route. Also, with a condo/apartment style/townhouse you may have HOA dues that you may want to factor in.
I think it depends on your individual market and the demographics of your potential renters. In some areas, maybe you have more older retired couples without kids, or even younger couples just starting out. So maybe a 2 bedroom might appeal to them more.
However, in other areas, you might have more established families with kids, in which case they will probably need at least a 3 bedroom.
It just depends. Almost all of mine are 3 bdrms. I only have one 2 bdrm. Haven't had a problem renting any of them, but I definitely get a lot of interest from families with kids for the 3 bdrms. It's never taken me more than a week to find a tenant, and usually under a couple days.
For nightly rental of a luxury resort condo, I know the smaller the easier to rent out. In general, middle class/upper middle class guests are reluctant to spend more than $500 a night for vacation.
For off-season rental, especially off-season monthly rental, since the price is a lot lower, people may prefer to rent a larger one.
For single family homes i think three bedrooms is a must. However, condo's and apartments may be a different story. I know three bedrooms will bring more rent. I think there is definitely a market for three bedrooms anywhere. It is all about families. 3 bedroom could bring better tenants IMO.
Side note: If you plan on buying a condo look in to fannie mae's new condo guidelines. It will be difficult for you to buy and/or sell a condo in this market using conventional financing. Long story short, had a sale fall through 12 hours before closing on a townhome due to someone in the complex owning 10% or more of the units. Lowered the price by 10 grand and the guy then had to buy with cash. So excited when I got rid of that place even at 10k less. I feel bad for the people in that complex who will never be able to sell their townhomes until this Fannie Mae rule is removed. Imagine not being able to sell a place to anyone. Very scary thought.