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How is the rental market doing in Tracy?

I'm interested in purchasing a long-term investment property in Tracy. The house I have been looking at are entry-level SFRs with 3-4 bedrooms, 1500-2000 sqft. I hope to rent out the house to cover my expenses, but I'm concerned that the rental market is too soft in the Tracy-Mountain House area. Do you think this is a good idea?
Sun May 11 2008, 22:46 - Tracy - Market Conditions - 2 answers
 
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George
Home Buyer
in South San Fr...
George, Home Buyer in South San Fr... in South San Fr...
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Susan Gouldi… was FIRST TO ANSWER
Hi George, Tracy is a great place to live, but because you want to cover your expenses, I would be leery of buying rental property like you have described. The avg home that fits those parameters is about 300k, your payment on that would be between 1700 (20% down) and 2300 (0% down). rents may fall in the lower end of that right now, and there are many other expenses involved in owning Rentals. Tracy/Mountain House tough to get cash flow properties in. Stockton/ Manteca/Modesto better. Best of Luck! The Coach

Mon May 12 2008, 10:22
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FIRST ANSWER
The rental marketing is amazing right now. So many people are losing their homes to foreclosure and short sales, but they don't want to leave the community. I have an investor who put his home for rent on Craig's List -- he had 20 inquiries within the first 24 hours, and rented it for more than advertised. Same square footage as you mentioned above. If you're not working with a realtor currently call me, we can discuss your options -- if you are working with an agent, ask them about the neighborhood you're considering purchasing in and what the rental market is in that area. Have a great week. Susan

Sun May 11 2008, 23:56
 
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