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Updated about 8 years ago,
Opinion on Condo/Townhouses/Mobiles as Rentals?
I have been keeping my eyes out for duplex/triplexes/quads under 180k since that is what im currently approved up to on loan since June 2016. Only a handful of them within 25 miles of me has popped up in this price range, but the ones that pop up are in terrible condition or just way over priced and after offering price based on needs of repair and market value in area ive had no luck adding additional rentals to my portfolio.
My question is what are your opinion on Condo's/Townhouses for rentals. I have been seeing a lot of 1 and 2 bed units popping up on the market and selling pretty quickly with room to make a few hundred per door.
For example:
1/1 Condo, $185/month HOA, $434/yr taxes, currently rented for $500/Month for $30k
3/2 Mobile, Own Land, $220/yr taxes, currently rented for $850/Month for 53k
I am trying to pick better properties for my rental portfolio, because my current 5 houses i rent out are all properties i bought while in the Military to live in and just rented them after getting orders somewhere else. Im asking about the above examples because i could buy the 1/1 condo for cash now, since my lender won't touch anything below 65k