Following a strong performance in June, single-family home sales soared into record-setting territory in July, leaping 23.0 percent year-over-year with 10,975 units sold – a record one-month sales volume;The Days on Market (DOM) figure for single-family homes expanded from 51 to 56 days;Total property sales soared 25.0 percent with a record-setting 13,043 units sold;Total dollar volume shot up 33.8 percent to $4.1 billion;The single-family home median price set a new record high of $271,830 as it rose 8.7 percent year-over year;The single-family home average price jumped 8.5 percent to $338,350 – also an historic high;Single-family homes months of inventory was at a 3.0-months supply, down from 4.2 months last July and below the national inventory level of 4.0 months;Townhome/condominium sales were flat, with the average price up 9.9 percent to $223,190 and the median price up 12.3 percent to $183,000;Single-family home rentals rose 2.9 percent with the average rent up 1.8 percent to $1,940;Townhome/condominium leases increased 6.9 percent with the average rent unchanged at $1,659.Source: HAR

https://www.har.com/content/newsroom/Houston Real Estate Highlights in July:-Following a strong performance in June, single-family home sales soared into record-setting territory in July, leaping 23.0 percent year-over-year with 10,975 units sold – a record one-month sales volume;-The Days on Market (DOM) figure for single-family homes expanded from 51 to 56 days;-Total property sales soared 25.0 percent with a record-setting 13,043 units sold;-Total dollar volume shot up 33.8 percent to $4.1 billion;-The single-family home median price set a new record high of $271,830 as it rose 8.7 percent year-over year;-The single-family home average price jumped 8.5 percent to $338,350 – also an historic high;-Single-family homes months of inventory was at a 3.0-months supply, down from 4.2 months last July and below the national inventory level of 4.0 months;-Townhome/condominium sales were flat, with the average price up 9.9 percent to $223,190 and the median price up 12.3 percent to $183,000;-Single-family home rentals rose 2.9 percent with the average rent up 1.8 percent to $1,940;-Townhome/condominium leases increased 6.9 percent with the average rent unchanged at $1,659.

I currently own two condominiums my original one was purchased on a 15 year mortgage although I now have tenants in my original one.

The common charges cover a lot of the usual investment property expenses, and most condominiums have a built in property manager.

The survey and map may not address whether improvements on the Property are in compliance with State and/orCounty requirements, subdivision covenants, conditions, and restrictions, and/or condominium property regime requirements.O-1 Termination Due to Default.

—The term “Federally backed mortgageloan” includes any loan (other than temporary financing such as a construction loan) that—(A) is secured by a first or subordinate lien on residential real property (including individualunits of condominiums and cooperatives) designed principally for the occupancy of from 1 to 4families, including any such secured loan, the proceeds of which are used to prepay or pay off anexisting loan secured by the same property; and(B) is made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way,by any officer or agency of the Federal Government or under or in connection with a housing orurban development program administered by the Secretary of Housing and Urban Development or ahousing or related program administered by any other such officer or agency, or is purchased orsecuritized by the Federal Home Loan Mortgage Corporation or the Federal National MortgageAssociation.(5) FEDERALLY BACKED MULTIFAMILY MORTGAGE LOAN.

Looking for feedback on your experience with purchasing a rental condominium in Tx Medical Center.  

With this in mind, it is interesting to note that house prices are climbing much faster than condominium prices during the pandemic.

I believe a condominium is a form of ownership while a townhouse is a type of construction. 

We set out to find a home, while keeping our condominium to eventually renting it out.