My family and I are thinking about moving into the rental property scene. The town where we live seems to do pretty well with rentals because of the oil refinery (where I work) expansions that seem to never end. A few years ago quite a few RV parks cropped up for this so we missed that boat but we were not in a place to make that type of investment. However, now we are in a completely different financial situation and would like to expand our portfolio some and look into this side of the market. My quandary is this:
House 1: 3/1 single story 1750sqft $115k. 1950's model. Needs a little work but nothing I couldn't do myself.
House 2: 3/2.5 double story 2200sqft $169k. 1975 model, no work to speak of.
House 3: 3/1.5 single story (paid for). 1950 model. Our house has been updated compared to the surrounding properties.
I'm curious is it better to purchase H1 and rent it? H2 and rent it? Or H2, move into it and rent H3? Based on other properties in the area and for what other renters pay I think we could easily do $1000/month on any of these properties. Potentially more with H2, but I can't imagine much more. I haven't gone so far as to look at loans, rates, etc. Just curious what others' opinions were.
Thanks
