Doooh this is a pretty tough neighborhood: I bought a new house, 3/2, 1640sf, 2 car garage, gated community, two miles east of this property (slightly better neighborhood) in 3/06 for $135,000, 20% down, 6.25%, 30 year fixed.
Today it is worth about $120,000. That’s the bad news; the good news is it rents for $1150, which gives me about a $200 p/mo positive cash flow.
I also bought a 2br 2.5 bath, 2 car garage, 1400sf condo in Round Rock (17 miles north of Austin), on the golf course, looking out over a pond to the green, in 2/07, for $157,000, which is worth about $175,000 today, and rented for $1200 a month the first year after I bought it.
Obviously it depends on whether you are looking for cash flow, appreciation, 2nd home, or a new town to move to. Whichever it is, definitely consider Austin, which is being called by many people the best city in the country right now to live and/or invest in:
As a native Californian and Cali resident for 53 years (Marin County for 18 years, San Diego for 35), and Austin transplant of 3 years, I couldn’t agree more. Home prices are about 50% of San Diego’s, the people are extremely friendly, the food is fantastic (Rich will attest to that!), the weather is excellent (except July and August which aren’t that bad if you like it warm), there is no state income tax, and there are a ton of things to do.
I expect everybody from everywhere to move here any day now (but I’ve been saying that for the last 5 years and it hasn’t happened yet!)
