[quote=pokepud3]The issue here is quite simply I’m looking for rent income not appreciation. Rent for this house in this area is actually 2000/m or so. The market is still in decline so it’s a hard call. I’m looking for something which with 60k down will net me 500/m in cash flow.[/quote]
I’m quite surprised how much rent has gone up on these small 3/2 and 4/2 houses. Rent have been holding steady for the bigger 4/3 and 5/3 in better area ($2400ish). These smaller houses used to go for $1700ish only 3-4 years ago. However, $2k seems still high for a 3/2. Even if you get $2k rent for it, we’re looking at PITI of ~$1600. So, realistically, it’s probably $400/month profit. That’s not considering of things break (which for old houses, it’s likely).
