Bought the highest priced home in my neighborhood Dumb?

[David M.]

Upon further inspection I purchased the most expensive property in my immediate neighborhood. I am now worried about this as a result of lacking support around me to increase the property value over time. I am going to rent out the home after this year and plan on doing some reno to it. New kitchen cabinets, minor remodel of a bathroom and possible new flooring. Wondering if this is a wise move. The house itself is in great shape except for minor cosmetic stuff. Should get top dollar in rent and is worth what I paid for it. I am just worried about the future of this property and what value I may be able to get out of it. 

[Bonnie Low]

How much more expensive is it than similar properties? A couple thousand or considerably more? If you're going to hang on to it as a long term rental, it won't matter. It will even out over time. But if you're banking on short term appreciation or planning to sell any time soon, the comps could hurt you. If the numbers work for whatever your business plan is - that's all that matters.