Make sure you know the CCR'S before you purchase it for a rental or short term rental- A lot of condo/ townhome communities do not allow short term rentals.
I own and manage sever condo townhome rentals as long term rentals they all have there own difficulties with the HOA which do not make them bad rentals.
I have a townhome rental, but there is no HOA. It's really a nice niche little neighborhood in Tempe only a few miles from ASU. Has a yard, 1 car garage, covered carport and 1 shared wall. They look like duplexes. It's a great bonus that they don't have an HOA.
Hi @Jake Kain, are you renting to students, and if so, what has your experience been? Any pros and cons from the higher turnover that you’re willing to share?
Most townhomes have HOA's and unless the HOA has strong financials, prepare for assessments outside of the regular monthly/quarterly dues. So, definitely try to account for that in your cash flow / ROI calculations. There are some, not many, townhome/patio home communities with no HOA and these can really help the cashflow, but may require more out of pocket money for exterior maintenance items.
Focus on location, location, location and find the best property that meets your ROI expectations.
Make sure you know the CCR'S before you purchase it for a rental or short term rental- A lot of condo/ townhome communities do not allow short term rentals.
I own and manage sever condo townhome rentals as long term rentals they all have there own difficulties with the HOA which do not make them bad rentals.
I manage several Condo/Townhomes, they work great from my perspective because I don't have to worry about the exterior maintenance. The all rent fairly easy, the ones that are closer to campus will get $2-500 more than the comps because of the tenant pool and I really haven't had an issue with turnovers easy. I'd say scoop them up if you