Property Q&A in Elk River>Question Details

Alan Witte, Real Estate Pro in St Cloud, MN

do you know what this would sell for if complete? how much would it rent for? hoa fee's taxes?

Asked by Alan Witte, St Cloud, MN Sun May 9, 2010

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Alan, if you are buying, with the plan to rent it out, you need to make sure that the HOA will allow it to be rented. Each HOA has it's own policy on this.
0 votes Thank Flag Link Sun May 9, 2010
Hi again,
this unit has been on the market for 284 days with the current listing contract. There is information that Seller will finish main floor and upper florr for a selling price if $149,500. So complete is $149,500.

Association fee is $155 per month. According to the information provided this is covered: Hazard Insurance, Outside Maintenance, Sanitation, Snow/Lawn Care. Current property taxes are $1,904 (with $10 assesment) per year.

Sorry, I forgot to add this information to the answer below.

PS I currently have a Home for sale for $200k in Elk River.
50 pictures at link.

0 votes Thank Flag Link Sun May 9, 2010
Hi, regarding renting this ( or any Townhome/Condominium).

Most association has a limit on rental units. It is alwasy important to check the rental policy.

Also, be aware that a mortgage (if any) for a Rental unit will be some what more expensive (rate wise( and a higher ownpayment will be required.

0 votes Thank Flag Link Sun May 9, 2010
These town homes have been for sale for a long time and are not selling very well. I think the finished value would be in the lower 100's which would mean that it is currently way overpriced for a not finished unit. I would also imagine these town homes have a failed association which also hurts value.
Web Reference:
0 votes Thank Flag Link Sun May 9, 2010
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