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If your intention as you stated is to convert this property to an investment home in 6 months then you have to buy as such and not a primary residence.
I think a lot depends on which part of Cary you're in, as well as the actual townhouse development. I'm in NW Cary, and a lot of the townhouses in the newer developments are actually purchased as investment properties and then rented out. The rents seem to be lower because there is more rental inventory at any given time.
I'm in a development that was built in the late 90s (considered "old" around here). Most of the townhouses are still inhabited by the original owners, and maybe 20% of them are rentals. There's not a lot of turnover here, so things move quickly and sell in the low to mid $300s. Rents run around $1,500-$1,800. The square footage for a 3 bdrm here is around 2,500 sq. ft.
I think a lot depends on which part of Cary you're in, as well as the actual townhouse development. I'm in NW Cary, and a lot of the townhouses in the newer developments are actually purchased as investment properties and then rented out. The rents seem to be lower because there is more rental inventory at any given time.
I'm in a development that was built in the late 90s (considered "old" around here). Most of the townhouses are still inhabited by the original owners, and maybe 20% of them are rentals. There's not a lot of turnover here, so things move quickly and sell in the low to mid $300s. Rents run around $1,500-$1,800. The square footage for a 3 bdrm here is around 2,500 sq. ft.
And that is the challenge with picking the right rental property. Using the 1% rule as a loose guide to pick a profitable rental property (collect 1% of the purchase price each month in rent), the example above would be very expensive to purchase for the purpose of renting it out. There always seem to be better investor values in lower purchase cost areas.
Finding that great rental property is similar to finding that great property to buy...it is all about location.
Once you understand the area and understand which sections are considered more desirable, you'll understand why some townhomes may rent for more than others.
Vicki
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