Savannah market for rentals
Hello all, new here. We live in CA right not but here is my background : we are looking to retire in 2 years to go abroad (will be 60 and 53) and would like to buy a property to rent for revenue either in SC or GA 1/2 or less from the beach and in a metropolitan area. I read that the future market is good for rentals since millennials probably will rent much more than buy. We will need supplemental income during our retirement since we are not going to earn Social security in the beginning. Since we are going to be living abroad we will need a property manager.
We are also planning to use the property for ourselves in between tenants, so that we keep a base in the USA. We love that area and might be coming back later to live there (like, in 12-15 years). I've already visited the area but we are planning to go there in 2021 to buy a place. Ideally a condo would be better, or a town house (less upkeep than a house) but I fear that the HOA fees + property management fees are going to lower our revenue considerably. We are planning on buying outright, and pay off the house / condo outright so the revenue from the rent would not go to a mortgage. Earning 600-800$ a month in revenue (after taxes and management fees/condo fees) would be great. Can anyone give me an idea of what they did to earn about that amount per month? Is a condo better, or a townhouse? What areas have the most reliable tenants and are not too far from a downtown (15-20 mn by car max)? Ow much do you pay in taxes and insurance (I used to live in Miami and insurance was very high) Budget is about 200K.
Thanks!