I’d like to see the purchase price range to evaluate where we are in the cycle.
I own a rental property (SFR) that I purchased about 5 years ago that currently has positive cash flow. I like to run numbers every 6 months or so to gauge the market. I haven’t been able to find anything (SFR) that cash-flowed since about 2001. During the run-up condos were even more difficult to cash-flow, but now you’ve piqued my curiosity.
I did a “guesstimate” on what I thought this property should go for, to produce monthly rent in the 1400 range and carrying coasts in the 1500-1600 range. Assuming 20% down, interest-only 30-year fixed, and a combined $300 for HOA and insurance, I come up with a purchase price of around 300,000-325,000. Mortgage ~ 1300/month I/O $300 per month HOA & Insurance.
