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Wednesday, October 06, 2004

In my neighborhood

The house across the street, and 2 doors down has a for sale sign up. I didn't even realize it was 2 units, but I guess it is. I'll be impressed if they manage to sell at that price. Doesn't seem like a reasonable investment property price, but what do I know.

5 Comments:

  • Don't tell FanBoy! If he think motorcycle comes with the property I may be in trouble. ;-)

    Bah... I can't/shouldn't look at houses.

    By Blogger Zhaneel, at 9:04 AM  

  • Haha. I hope I don't offend Zhan with this comment, but I framed it before I read hers: What kind of poopyhead leaves a motorcycle on the porch for their real estate shot?

    Sure, those who love motorcycles might feel a little bit of resonance, but for most people it gives the impression that 'this house is in a neighborhood where people leave their motorcycles on their porch, and maybe their trucks on their lawn.'

    By Blogger Kevin Fox, at 9:20 AM  

  • hm: $480,000 at 4.75% is a payment of about $2500/month. Rent in that neighborhood on a 900 sq.ft. one-bedroom unit is probably around $1000/month, leaving you with payments of about $1500/month for the other unit. Plus appreciation over time and potential higher future rental income. Someone will buy it at $480k.

    By Blogger Anthony, at 10:34 AM  

  • Hmm, except that getting more than $850 for the place would be tricky, so renting the two units for $1700, leaves you $800 in the whole every month.

    I guess I'll never understand real estate.

    By Blogger Ammy, at 12:02 PM  

  • I think Anthony meant that you would live in one of the units, so you would pay a mortgage that was discounted by the rent from the other unit. Since it's $485,000 for both (right?), that would make it easier for an enterprising someone who doesn't mind a tenent to afford than buying a house just by itself.
    The discount does depend on the rent you would be getting and you would have to make sure the place is rented which means you may have to rent to someone less than ideal simply to make sure the mortgage is affordable.

    By Blogger Chris S, at 8:26 PM  

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