Goal is to move mid-late 2024  Purchase June 2022: $510,500Down Payment: $102,100Interest rate: 4.875%Mortgage balance: $397,959Monthly mortgage, tax, insurance:$2,465Estimated rent $3,000 The home has an estimated sell price of $550,000 today and the area will continue to appreciate well.Home is in good shape.

As it is now, the cap rate and cash on cash return is not great once I calculate it out.

Interest rates?

Rent Collection can be one of the biggest pain points while trying to manage a mobile home park.We have a few rules when it comes to rent collection that allows us to collect at a higher rate than the industry average.Rules of Rent Collection1.

@Eric Lunsford  Generally the interest income from private lending is taxed at the ordinary income tax rate, just like earned income from a job or interest on a bank savings account is taxed.

BUT RARELY do they want to learn this... when rates got to 15 to 18% in the carter years.. to keep deals working I had to give my commission to the sellers and take back notes from them so they got some cash to induce them to sell .. and the sellers paid me monthly  Usually half of the payment No interest until paid..

After rehab is complete, you can work with a lender to do a cash out refinance and get into a conventional loan where the interest rate will be lower.

NOI / cap rate = sales price, and sales price x cap rate = NOI.

If so, credit is available, but at a higher interest rate. 

Columbus may offer lower purchase prices, but as you mentioned, oversaturation from investors could affect rental rates and appreciation in the long term.Considering your interest in Philadelphia's vibe and your desire for a potentially better investment environment, it seems like Philadelphia aligns well with your preferences and investment goals.