Re: Question on investing in a rental

Re: Question on investing in a rental by 574-Brad (IN) on November 3, 2009 @21:34

Sounds like that down is going downhill, 1/3 of the homes in a city are rentals? 1/3 of houses are REO's? If your going to buy anything, it better be dirt dirt cheap.

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Re: Question on investing in a rental by Kimberly on November 4, 2009 @16:11

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Yes, homes that were selling for $200k + are now selling for about $75k. The house I live in was bought a year or so before the height of the market for $165,000 and at the height appraised at $225K. A few months ago a house across the street sold for $54k. This is an area that had the highest appreciation in the U.S. (42%) in one year at the height of the market.

Its still a water front community with its own marina and homeowners association and dues are less than $300 a year (which allows access to the boat ramp, jr olympic pool, picnic area, and community center)

my rental in this neighborhood is a 3/1 and its rented for $950. The number seems to be great if I could pick up another for $75K or less and rent it for the same.