I recently purchased a condo at the new National Harbor in PG County. 1 bedroom 1 den about 900 square feet. The mortgage is pretty high and I was trying to set the rent high enough to offset my mortgage payments. Any idea about what rent is going for in this area?
I would start at 1800 per month to test the market depending on your plans you may have to reduce. I specialize in higher priced rental in the area and local send your address to get more specs. Thanks.
VJ Adriano
E-mail to: VJ@Mris.com
Cell: 301-357-5071
http://www.RapidSellers.com/VAdriano
DELTA EXCLUSIVE REALTY LLC
Sales & Leasing Associate MD, DC, VA
99 Commerce place
Largo, MD 20774
Give me a call so we can go over your options. The condo is new so we can't use old comps to determine the rent.
Hi Mena, good question...I can send you a FREE cma for homes in the area so you can see what they are currently renting for. If you're interested please visit my website on http://www.AlqamarMalik.com
Thanks
I live in a single family home nearby and I also own and rent out a 2 bedroom 1 bath w/ balcony 1000 sq ft older (circa early 1970s) condo with all the usual high end kitchen upgrades that is about .5 mile from the Harbor in Oxon Hill for $1350/month and that is on the very high end. The ever increasing condo fee includes utilities in my complex and is like $465. Many of my condo neighbors rent theirs out for $900-$1100/month but still profit I guess because they purchased them in the 90s before the back when they were selling for $60k or less as compared to the $145k that I paid in 2005. At their height a year or two ago they were selling for $190s...now many have foreclosed and are selling anywhere from $90k to $140k tops. Regular apt buildings nearby are renting a 1 bedroom for about $900/month util included on average. I was going to get a Harbor condo for an investment until I saw the prices and I couldn't make the numbers make sense for a rental. Wasn't a 2 bedroom at the Harbor like $400k + and aren't your condo fees like $375/month? You can buy a nice 1800 sq ft 3 bedroom 2 bath single family home over here for $200-$300k. There are people renting these houses out for $1300-$1500. The Harbor condos can likely demand a premium as they are right on the site in lieu of just being nearby and may have views that the other rentals nearby do not have but still a reasonable uplift over the neighborhood rental market probably still will be nowhere near enough to cover your mortgage & condo fees but hopefully you get some good tax deductions out of it. Hope this helps and good luck! It is a great location.
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