I can tell you that the above post is correct. Basically those are ranked by the most recient infill projects in reverse ageing order (ie most recient is best, oldest is worst). The western side of MM is newer and nicer, North is better than South.
I dont disagree with the posts about the value of these houses. They never should have gone for what they did, but they did, so arguing about that is useless. The market was what it was. I saw a 3/2 SFR that sold in 2001 for 198000. It sold in 2005 for ~500k.
I really think the basic late 1970’s-1980’s 3/2 will fall to the mid 200’s. No way you say? 260k with 5% down at 6.25% puts total payments about $2100. That is $300-400 over current rent, but you get the tax deduction to offset the loss equilivent on rent plus oppertunity costs and I think rents will fall alittle. (This is my prediction after all)
Oh,for you would be LL’s dont forget that these are 30+ year old houses that have not always been kept up in tiptop shape, theyll need alot of maintaince, especially considering that the main tenants here are either college students or young families with small children. With high turnover and high maintaince, a monthly loss of 500+ (pretax) on a yearly basis isnt really a great investment. If you used the standard 125X rent for my rent, you get 200k. I think prices will stablize about 25% above that. But if you want, go ahead and be a LL, I always need more people chasing my rent.
