Which Investment makes more sense?
We can't decide which option is more beneficial.
I have $300k to invest in a rental property. I would like to buy a single family home in either East Long Beach (3 bed, 2 bath) or in Rossmoor (Orange County - 3 bed, 2 bath).
Option 1: Purchase a 3 bed, 2 bath in East Long Beach for approximately $600k - $650k that would rent for $3000-$3200 mo.
or
Option 2: Purchase a 3 bed, 2 bath in Rossmoor for approximately $800k - $850k that would rent for $4000-$4200mo.
Our goal would be to pay of the property and use the rent as an income source for retirement or before if we can pay it off sooner. We want to buy and hold -- not flip or sell within a few years. We are having a hard time deciding which is a better route. Any input would be appreciated.