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Updated almost 8 years ago, 02/08/2017
Has anyone bought properties with high property tax? Regret it?
hey BP - I've been looking around in Ohio for smaller multis and apartment buildings, and while the rents can be great, the neighborhoods that I like just have property taxes.
For example, I'm looking at 4plex in a B- neighborhood that is listed for $140k and rents for $2400/mo, but annual taxes are $6100 (4.4%!) .
In my calculations, I'm just allotting $500/month of rent purely towards taxes, so that I can stay conservative and see if the numbers still work (so basically I'm running the numbers assuming I actually get $1900/month in rent). Anyways, something still feels uncomfortable about buying a property with this high rates, and I'm worried things could increase in the future.
Anyone have experience buying a property with 4%+ property tax, or do you just avoid those?
If you did buy it, did you regret it?
Did you find a way to bring it down? Would love to hear everyones thoughts on this.