If you have a 580 credit score and have a good payment history on current accounts, 2 years employment history...you may be able to qualify for an FHA 3.5% down...I see them done every day and specialize with those buyer...Jack 253-221-6000... more
Those are the units at McCormick Condos on N Yakima right? market so long is your answer. I agree it's a beautiful and unique property. It depends on how soon you would want to sell it after acquiring it. What are your goals as far as cash flow, ROI, appreciation... what is your criteria for rental property? What is your motivation for wanting to purchase this particular property?It depends on that. If you wanted to hold it long term(over 5-7 yrs) and acquired it at a good price (undermarket) then most real estate in this area would be worth the investment . Tacoma will continue to grow steadily in the next ten years. Are you hoping that market rent for that type of unit will cover your mortgage payments and HOA dues? Now the garage is a good plus. You could rent that seperately from your tenant. I would check into the seperate parcel though and do some investigating on zoning and if infact it would be transferred to you at closing. I think it is a good time for acquiring rental property since we will most likely see rental demand go up this year. Just make sure you evaluate your motivation and criteria for each property. It doesn't hurt to make an offer either. You never know how low seller is willing to go until they get it on paper. I can also send you some comparable properties to give you a better feel of market value for that unit. Send me an email at MeganCoughlin@kw.com and I will send them to you along with some more info about that property.
Let me know if you have any other questions or need any help. I live and do business in Tacoma.