Author Topic: need help evaluating a rental property  (Read 803 times)

DBV1985

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need help evaluating a rental property
« on: November 13, 2016, 07:45:00 PM »
Hello,

Let me know what you think..

Condominium $78,000 2 bed 1 bath $107/sq
20% down $15.600
taxes 2015 $286
home insurance $15
HOA $178 1 year leases only approved

30 year fixed rate mortgage at 3.9% on zillow
monthly mortgage $511 including all expenses

Rental comps in the area- 800 low end and 1000 high end. I was thinking of furnishing it and charging about $950 or unfurnished 850.

I am not sure if this is worth it because the HOA only allows yearly leases. I have seen a couple condos on Air BnB and vrbo even though it's not allowed.

Let me know your thoughts, thanks!

J

Cwadda

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Re: need help evaluating a rental property
« Reply #1 on: November 14, 2016, 10:35:12 AM »
The yearly leases only thing is a bit annoying. If you get a good long term tenant in there though they might be willing to let them stay there without renewing the lease after a year.

You said the property taxes for a full year were $286? That's crazy low.

Anyway, I did out the cashflow and cash on cash return attached. Feel free to play around with it.