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We're relocating to Cary, NC and we're thinking about buying a townhouse that we can live in for six months or so to get a better feel for the area before buying a single family home. We'll then turn around and rent out the townhouse for some rental income. How is the rental market in Cary, NC for a 3 bedroom townhouses? What is the going rate for a rental townhouse that is three bedrooms? Thanks in advance for any advice or direction. We're open to hearing any and all feedback (good or bad) as we sort through our decisions ahead.
Unless you're paying cash, the first person you need to ask is your lender. After that, you should engage your Realtor. There's such a broad variety of price and rent it would be inefficient to try and divine the answer from anecdotal evidence here.
But in general, rents are strong and everything availabe for rent is rented readily at this time, and has been that way for 2 years.
We're relocating to Cary, NC and we're thinking about buying a townhouse that we can live in for six months or so to get a better feel for the area before buying a single family home. We'll then turn around and rent out the townhouse for some rental income. How is the rental market in Cary, NC for a 3 bedroom townhouses? What is the going rate for a rental townhouse that is three bedrooms? Thanks in advance for any advice or direction. We're open to hearing any and all feedback (good or bad) as we sort through our decisions ahead.
I think you have a good plan.
You can get cheap three bedroom townhomes in the $125,000 range, that will rent for $1000--$1200.
Look out for the HOA dues, because older complexes can be up to $200. It is nice to have exterior maintenance covered, but that level of dues will cut into your ROI quickly.
It may be a better investment to get into small detached home for a future rental. You can expect more appreciation and it will be easy to rent.
Townhomes in my neighborhood rent for $1800 - $2400/month.
Glad I don't live there. I see townhomes all over Raleigh rent for $1,300 a month for a 3 bedroom with 1,600-1,800 sq ft. Maybe a little higher in some areas.
Glad I don't live there. I see townhomes all over Raleigh rent for $1,300 a month for a 3 bedroom with 1,600-1,800 sq ft. Maybe a little higher in some areas.
I'm thinking the townhomes being referred to here are custom and huge.
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When in doubt, check it out: FAQ
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.
Be sure you understand what's involved in landlording.
You can easily get a loser who will trash the home, cause HOA issues, and need to be evicted at your expense for non-payment.
Leave it to the pros who have maintenance techs and contractors readily available.
My father-in-law was a super. You'd cry at what we found many times after an eviction.
Better rent short term and then find a permanent home.
There's a lot more to renting than meets the eye.
Most people assume folks think and behave like they do. Not always the case.
We rented a townhouse through a management agency to a German engineer. The guy had great credit history, good references. Sounds like a great set-up, eh?
Within a few months, we had to replace the garbage disposal, microwave, and then the stove. Then found out he had moved in his daughter, her live-in boyfriend, and their four kids and the group proceeded to trash the place and pi$$ off the neighbors by taking up their parking spaces, playing loud, obnoxious music and letting their kids run wild and unruly. HOA fines ensued.
We had a heck of a time getting them of out. Then it took us a month of cleaning and painting (they'd drilled holes through the walls to string electronic wires and then covered them up with toothpaste!). I don't think they ever swept of vacuumed. Had to refinish hardwood floors and have the living room carpet shampooed three times to get all the stains.
When it was all said and done, the management company refunded their deposit. Said what we repaired was "normal wear and tear" for a rental. Turns out they rented to a lot of employees from this firm and didn't want to get on their bad side.
We sold it.
Over the years, I've heard no end of such stories. Renters who won't pay rent and you practically have to get the sheriff to get them out.
My SIL rented to a couple who not only moved out with the wood stove and the refrigerator, but had cut down and sold all the trees on the property. Their beautiful home in the woods was surrounded by stumps.
It's not a get rich scheme, by any means.
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