Raleigh/Durham/Chapel Hill Turnkey Rental Income Property
I live in California but I'm looking for properties out of state to invest in due to the high prices in Southern California. One of the areas I'm considering is Raleigh/Durham/Chapel Hill.
This area is on the list of considerations for me because I think there are a lot of demographic trends that favor long-term growth. Companies such as Apple and Amazon are considering 2nd headquarters in the area. There is a large talent pool from prestigious universities in the area. Etc.
I'm looking for a modest cash-flow positive turnkey investment. I believe we are late in the real estate cycle and there might be a drop in housing prices (which I am ok with), and in such a scenario I would like the rental income to be able to at least cover the mortgage payments and would be ok with paying for other costs out of pocket. I should be approved for around $600K with 20% down. I'd be planning to use a property manager.
Does anyone have an agent that could send me a list of investments with their potential rental incomes so I can run the numbers and see if this is a viable idea?
Is this a viable idea?
Please let me know your thoughts! Would love to hear back.
Thanks!