High home prices, Low rental market
I have been searching for homes in Ellensburg, Washington recently to keep things manageable and close to where I live. There is a University here with proven rental market. The issue is that the home prices here are so high that it's extremely difficult to find a good cash flowing buy and hold property.
My questions are:
Anyone in Washington State noticing the same thing with rental income market compared to high home prices?
What is your advice besides to just keep waiting for the right home to open up?
Thanks to all for your support!
Most Popular Reply
I live in Seattle and know the struggle you are facing very well. @Ned Carey provides some excellent advice about searching surrounding areas. I put in about 10 offers on places in Seattle searching for my first property before I realized I was going to have to search outside the city to find the CF i was looking for. Now we invest in Everett, about 30 miles north.
I know Ellensburg doesn't have the same suburbs of Seattle but it is worth looking into. Also, look into multifamiles rather than singles, there is more CF in that segement.