Seattle Area - Finding Buy and Hold properties
I am 41 with a family and both my wife and I have well paying jobs. I have 100k in savings that I would like to invest in something other than the stock market where I am already heavily invested. I have read the beginners guide and am just starting to digest some of the material. I am comfortable with the idea of being a landlord and would like to diversify by purchasing a Condo/Townome/SFR and renting it out for some passive income. I am not as concerned with appreciation as I am with cash flow. I wanted to get an idea of what is out there for under $100k assuming that I would purchase outright. I set the screener to residences in my area for under $100k. Here is a property that I found as an example http://www.zillow.com/homes/for_sale/Paine-Field.dash.Lake-Stickney-WA/pmf,pf_pt/condo,townhouse_type/38596969_zpid/396858_rid/2-_beds/1000-100000_price/3-391_mp/days_sort/48.57479,-121.416779,47.185979,-123.059235_rect/8_zm/
This is 2/1 a condo in Everett with HOA fees of under $200 per month. The zEstimate for rent is $1450 per month. I know that there are a lot of jobs in the greater Seattle area, particularly Boeing which is close to Everett. And there are lots of jobs in the Greater Seattle area that is a 35 minute commute from Everett. I know that single bedroom homes have the most demand in this area with 2/1 also having considerable demand. I know the vacancy rate in this area is 4.6%. I know this is selling for less than the Zestimate.
This is just a start but tell me, what other things are there to scrutinize? I know there are lots. I am looking for a list of things to look at to see if this is a good rental candidate. This place was just an example of many that fits my budget.
Chris