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Updated over 10 years ago, 08/19/2014
advice please: condo vs triplex
buying in the inland empire, need help which one to buy. here are some details:
Condo 1500+ sq ft, newer community, accessible to freeways an shops
150K (built 2005) cash offer of 150k
HOA 300/mo
prop tax 150/mo
mgmt 145/mo
insur 50/m0
rent about 1450/mo
my calculations about 6.5% net return, vacancy not included to make it simpler, appreciation may be slow, prior sale of this place $286k
triplex older built in 60s, 2/1 x 3
500k at 150k down at 5% interest 1460/mo for mtg
rents $3100/mo
tax 500/mo
mgmt 300/mo
insur 150/mo
water uttilites 100/mo
my calculations about 4.8% net return, assume no vacancies, appreciation slow, nice older matured community.
fully paid vs, paying down rent. just want an opinion or advice. for some reason i lean for the triplex but also can't beat a free and clear property.
i usually buy in la/oc counties but trying out inland empire
thanks in advance