1) Looking at a potential 4 Br rental townhome in Apex. The home is less than 5 years old and in great shape but does not have a garage. Only street parking. Is it an important enough factor to impact it getting rented out and future potential for appreciation?
2)Having a very hard time trying to find a good property in the Cary/Apex area. Should I be looking somewhere else, perhaps North Raleigh or Northeast Raleigh?
@Juhi Jain it would also help if you specify the price of the property? Im guessing based on the general information you provided and the type of property, it would guess around 250k-300k?
Is the 2 level or 3 level townhome? I found the 3 level newer townhomes are harder to sell.. No one seems to want to walk 3 flight of stairs to a bedroom.
As for the rentals, i don't think the garage makes any difference, especially if that is a townhome. I've had renters that wanted 3 car garage and then i had renters that did not want garage at all.. I hope you get what im trying to say.
Renters are not as picky since they are no buying it and its easier for them to move if their needs changes.
If you worry about appreciation, i would go with Single Family Home. They tend to appreciate much faster then townhomes. And you also save money on HOA fees.
As for your second question, it really just depend on your price range.. Yeah, if you are in Cary, forgot about anything decent under 200k.. If you are in east Raleigh, 200k will give you a decent rental property.
@Jiri B. Thank you so much for a fast reply. The property is around @250K , two level. Around 1700 sq ft.
Thanks for the update @Juhi Jain .
So yeah pretty much what i though it would be. Based on the comps in that area, you could probably get around $1700/mo on rent.. But you probably already know this.. You will also spend about $100/m on HOA for that.
If you are looking for purely rental property, you could grab a nice SFH in north east Raleigh for about 180k and get $1400/mo on rent with no HOA. So that might give you better cashflow. Also will probably have better appreciation as well then a townhome.
It really just comes down to what exactly your budget is, what your short term and long terms goals are etc. I definitely have favorite locations to invest in, but when i see a good deal somewhere else, i still go and grab it.
@Juhi Jain Good homes in Apex, Cary that are in the 5-8 year old built region go really fast and with competing offers. The one you are mentioning might be the one in Pemberley sub-div. and has been in the market for sometime now as it was way overpriced when it came into the market.
This is an area which has been appreciating really fast especially with the new Costco in Apex and rentability is excellent.
Though the garage is a good to have factor, I don't see that as a big enough negative in rentability or appreciation.
If you are not already working with an agent, inbox me and I can work with you in finding some good investment homes in and around RTP.