All this written, there are no guarantees a property will meet financial goals - look to investors who bought in Austin at the top of the market in 2005-06 and trying to sell today. Be smart, create a plan, do the research and stick to it - best position to set yourself up to do well.
As far as rents go, condition and specific location are important. Without a specific property to use as a baseline, a 400sf condo in HP is likely to fetch $500-750/month. Ballpark figures here.
If you'd like to talk it through, feel free to give me a call - 512-459-3400.
depends on the condo, but generally hoa fees eat up your cash-flow and they don't appreciate as well as other property options..
A rule of thumb a wealthy investor friend of mine uses is a 10% capitalization rate: NOI / 10% gives your value. I'm not that conservative - but it's a good place to start. Call me and we can chat about it.
Hyde Park is a great buy in my opinion. These little condos are perfect for many UT students and it is very close to the university. So if your looking for an investment it is a good bet you will be able to keep it rented. If you want to see recently sold comps just let me know and I can email it to you.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
The best 400 sq ft deal I know is in Old West Austin with a capitol view for $159k that will rent for $1050. Here is the video. http://www.youtube.com/watch?v=0_uGUSOmov0
25 years in this area selling condos. Can help you make the right choice. Call me (512)203-4100 or email@example.com
"Condo Joe" Bryson
Real Estate Alliance, Inc.
I'm sure there are any 400 sq. ft. condos in Hyde Park, they start at about 600 sq. ft. usually, but I can tell you that the going range for condos is between $180-$250 per square foot depending upon how nice, newer, location etc. Hyde Park is highly desirable for both students and professionals so renting them is not usually a problem. I live in Hyde Park and know it very well. Call or email me and I'll tell you all about it.
Keller Williams Realty