The house DWCAP just posted can probably rent for around $1700/month if it’s in livable condition. @ $300k w/ 6% interest rate and 0% down, you’re looking @ P+I = $1800/month.
Then there’s this one: Linky. @ $335k w/ 6% interest rate and 0% down, you’re looking @ P+I = $2000/month. This one more upgraded w/ granite and new cabinets. It can probably rent for around $1800/month. So yes, they’re pretty close to each other. If you have great credit, right now, you can probably get around 5% w/ some points. Since you can’t get 100% financing anymore, if you put 20% down, your mortgage would be $1440/month for the first house and $1600/month for the 2nd house.
Do you see where I’m going w/ this? By no mean would I buy these houses(personal preference), but it’s getting to a point where Realtor can claim it’s cheaper to buy than rent (w/out using ARM or exotic loans) and J6pk will believe it.
