Bryan Watson, Home Buyer in Westland, MI

condo investment

Asked by Bryan Watson, Westland, MI Mon Dec 17, 2012

I always liked the condo complex that Axtel street is on. I still think Canal Winchester has a lot of potential. I am thinking about purchasing for an investment. At $50,000. purchase price for 10 years, I would need about $650. per month in rent to cover mortage and association fees. Is there a good rental market in the area. I have been told there is not because it is too far from downtown to commute for students. I am used to Dallas, TX area where an hour is the norm for commuting now.

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This question was asked from this property: http://www.trulia.com/foreclosure/3070565274--Axtel-Dr-11C-C…

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First off, you can't buy this property because it's not available. It's a pre-foreclosure. It's not currently for sale.

I, personally, wouldn't call Canal Winchester a "good rental market," for the reasons you stated and then some.

Condos, historically, have not been the best investments. They tend to appreciate much more slowly than single family homes. Many of them depreciate over time. We've seen that in the last (5) years. To be fair, single family homes have also depreciated, but not at the same rate. There are also other issues with condos.

Overall, I wouldn't consider buying a condo in Canal Winchester as a rental a "good investment."

If you are new to the area I suggest you hook up with an agent who knows the Columbus area and knows good/bad investments. Look for somebody who works with buyers more than sellers.

Check out my website http://www.Advocate4Buyers.com

Good luck.

Jim Deskins
The HomeBuyer's Advocate
Broker-Owner
0 votes Thank Flag Link Mon Dec 17, 2012
The community I am referring to below is the White Oak Park Community. The condo there on Axtel is located in Gender Park. The difference is: White Oak Park is a newer community with a newer more updated clubhouse, larger pool, updated floor plans and features. The pricing in Gender Park is typically $30-$40k. That unit at $50,000 is in my opinion over priced!
0 votes Thank Flag Link Mon Dec 17, 2012
I have sold several homes in this community. The builder (Lifestyles) has just built apartments behind this community that rent for $800-950. See link: http://lifestylecommunities.com/the-greene/specials

Depending on the sq. ft., unit and upgrades you may be able to rent that unit a little higher than $650.00. Your only concern as an investor is the condo association fees. If your fees go up it will cut into you profit and timeline.

I have a listing there that is an approved short sale!!! $48,000, 2 bdrm., finished lower level, located directly across the street from the clubhouse! Perfect location and price. The condo is in PERFECT condition, with a stainless steel dishwasher, and fridge.

Let me know if you are interested!
0 votes Thank Flag Link Mon Dec 17, 2012
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