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Updated over 4 years ago, 06/05/2020
Any Contra Costa Investors Out There? Need Your Advice!
Context:
-Wife and I are looking to buy a SFH home in Pleasant Hill or surrounding area. Preferably 3/2 or something more
-We plan on being in the Bay for a minimum 5 years, potentially more but want to hedge against future risk and come into buying with an investors mindset. Ideally IF we were to move in the future, we'd be able to rent our home out and at the very least breakeven. If we can somehow cash flow (which I know is pretty unrealistic in the Bay) that would be great but not a hard and fast requirement.
-I hope to find a lot that's big enough to build an ADU, already has an ADU or as in the midst of completing one. The goal of this again is to add extra buffer and have another rental stream in case some unforeseen circumstance comes up (rents drop significantly, remote becomes a permanent thing, etc)
Questions to those who own property in Pleasant Hill or surrounding areas:
-How realistic is to breakeven with mortgage+other expenses with what we'd be able to get with rent? What kind of tenant pool could I be expecting here in the future? Students from Mt. Diablo? My initial numbers tell me this isn't possible. Assuming it's a 3/2, so it be one 1BR/1BA and two 1BR and a shared BA. Assuming the shared BA is like $850/month each and the private bath is $1000 that leaves me around $2,700 which would be well short of the monthly expenses (probably be ~$4,000-$4,500/month).
-General thoughts and opinions about the appreciation of this specific county for near future. I completely recognize that everything shared is pretty much speculative but would love hear thoughts regardless!
-Any other questions my wife and I should consider seriously before going down this route?
Thanks everyone!