- This topic has 140 replies, 17 voices, and was last updated 14 years, 12 months ago by
GoUSC.
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June 30, 2009 at 10:58 PM #423689June 30, 2009 at 11:04 PM #422960
Zeitgeist
ParticipantI think Bird Rock is charming. Congratulations.
June 30, 2009 at 11:04 PM #423190ParticipantI think Bird Rock is charming. Congratulations.
June 30, 2009 at 11:04 PM #423468ParticipantI think Bird Rock is charming. Congratulations.
June 30, 2009 at 11:04 PM #423536ParticipantI think Bird Rock is charming. Congratulations.
June 30, 2009 at 11:04 PM #423699ParticipantI think Bird Rock is charming. Congratulations.
June 30, 2009 at 11:30 PM #422975Eugene
Participant[quote=GoUSC]I have the best comp possible, the current tenant. But really it’s no important as we are moving into the house. The point was to demonstrate that there are homes out there that can be bought for prices that at least come close to penciling on a rent vs. own basis.[/quote]
I’ll be blunt. I don’t think it pencils out or even comes close. I’m not very familiar with Bird Rock area, but similar size condos in the area seem to rent for high 1000’s. And there’s no way your FHA PITI less tax deduction is less than 3000. A single tenant willing to pay 3000 to rent the house is not sufficient to demonstrate that the property comes close to penciling on a rent vs. own basis.
You might argue that it comes close if you compare rent and PITI less tax deduction, less principal. Though even that is a bit of a stretch.
Of course, if you have enough cash to buy the house outright, you don’t need to worry about the possibility of losing 100k in equity before PB bottoms out. And a 3.5% FHA loan will protect you nicely against any downside.
June 30, 2009 at 11:30 PM #423205Participant[quote=GoUSC]I have the best comp possible, the current tenant. But really it’s no important as we are moving into the house. The point was to demonstrate that there are homes out there that can be bought for prices that at least come close to penciling on a rent vs. own basis.[/quote]
I’ll be blunt. I don’t think it pencils out or even comes close. I’m not very familiar with Bird Rock area, but similar size condos in the area seem to rent for high 1000’s. And there’s no way your FHA PITI less tax deduction is less than 3000. A single tenant willing to pay 3000 to rent the house is not sufficient to demonstrate that the property comes close to penciling on a rent vs. own basis.
You might argue that it comes close if you compare rent and PITI less tax deduction, less principal. Though even that is a bit of a stretch.
Of course, if you have enough cash to buy the house outright, you don’t need to worry about the possibility of losing 100k in equity before PB bottoms out. And a 3.5% FHA loan will protect you nicely against any downside.
June 30, 2009 at 11:30 PM #423483Participant[quote=GoUSC]I have the best comp possible, the current tenant. But really it’s no important as we are moving into the house. The point was to demonstrate that there are homes out there that can be bought for prices that at least come close to penciling on a rent vs. own basis.[/quote]
I’ll be blunt. I don’t think it pencils out or even comes close. I’m not very familiar with Bird Rock area, but similar size condos in the area seem to rent for high 1000’s. And there’s no way your FHA PITI less tax deduction is less than 3000. A single tenant willing to pay 3000 to rent the house is not sufficient to demonstrate that the property comes close to penciling on a rent vs. own basis.
You might argue that it comes close if you compare rent and PITI less tax deduction, less principal. Though even that is a bit of a stretch.
Of course, if you have enough cash to buy the house outright, you don’t need to worry about the possibility of losing 100k in equity before PB bottoms out. And a 3.5% FHA loan will protect you nicely against any downside.
June 30, 2009 at 11:30 PM #423551Participant[quote=GoUSC]I have the best comp possible, the current tenant. But really it’s no important as we are moving into the house. The point was to demonstrate that there are homes out there that can be bought for prices that at least come close to penciling on a rent vs. own basis.[/quote]
I’ll be blunt. I don’t think it pencils out or even comes close. I’m not very familiar with Bird Rock area, but similar size condos in the area seem to rent for high 1000’s. And there’s no way your FHA PITI less tax deduction is less than 3000. A single tenant willing to pay 3000 to rent the house is not sufficient to demonstrate that the property comes close to penciling on a rent vs. own basis.
You might argue that it comes close if you compare rent and PITI less tax deduction, less principal. Though even that is a bit of a stretch.
Of course, if you have enough cash to buy the house outright, you don’t need to worry about the possibility of losing 100k in equity before PB bottoms out. And a 3.5% FHA loan will protect you nicely against any downside.
June 30, 2009 at 11:30 PM #423714Participant[quote=GoUSC]I have the best comp possible, the current tenant. But really it’s no important as we are moving into the house. The point was to demonstrate that there are homes out there that can be bought for prices that at least come close to penciling on a rent vs. own basis.[/quote]
I’ll be blunt. I don’t think it pencils out or even comes close. I’m not very familiar with Bird Rock area, but similar size condos in the area seem to rent for high 1000’s. And there’s no way your FHA PITI less tax deduction is less than 3000. A single tenant willing to pay 3000 to rent the house is not sufficient to demonstrate that the property comes close to penciling on a rent vs. own basis.
You might argue that it comes close if you compare rent and PITI less tax deduction, less principal. Though even that is a bit of a stretch.
Of course, if you have enough cash to buy the house outright, you don’t need to worry about the possibility of losing 100k in equity before PB bottoms out. And a 3.5% FHA loan will protect you nicely against any downside.
June 30, 2009 at 11:48 PM #422985SD Realtor
ParticipantCongrats Gousc, Birdrock area is a very cool spot to set down.
June 30, 2009 at 11:48 PM #423215ParticipantCongrats Gousc, Birdrock area is a very cool spot to set down.
June 30, 2009 at 11:48 PM #423492ParticipantCongrats Gousc, Birdrock area is a very cool spot to set down.
June 30, 2009 at 11:48 PM #423561ParticipantCongrats Gousc, Birdrock area is a very cool spot to set down.
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