Positive Cash Flow on SFR in Huntington

[Henry Chandler]

I just ran a property through the calculator that is for sale in Huntington, NY. How can you do SFR properties with positive cashflow here in Huntington with the taxes as high as they are?

[Francene Iaizzo]

I agree, the RE taxes on Long Island really make it difficult to cash flow on a house. 

I bought a co-op in Freeport. Its a studio. Paid 58,000. Put 10,000 down. My mortgage is 240/mo. Maintenance is 460/mo. This apartment I live in is renting for 1200-1300/mo.(that's what the studios are renting for) I put nothing into it (no renovations) as it was redone. This apartment would definitely cashflow. What I like about this is the Capex is minimal because I'm only responsible for two kitchen appliance, air conditioner and electrical.

Also, the board interviews and approves tenants.  To them, it's in their best interest to make sure that tenants pay their rent and don't squat.  They are "sort of" managing the rental process and it's FREE!

Is it me or does a co-op make sense for a buy and hold?

I'm also looking in Florida, Fort Myers and Cape Coral.