I know you can’t get that kind of loan on a rental, but I’m just using it as a rent vs buy argument. As a rental, you probably have to put down at least 30% as well. I’m not saying $279k is the bottom. I’m just saying when you compare with rent, it’s cheaper than rent. So it’s no longer “expensive” to me. It could very well go to 225/sq-ft or even $200/sq-ft. But even at $279k, you’re already under “fundamental” when you compare it to rent. Everything below that is just gravy.
