PUBLIC TRANSIT- be close to a busline
Rent is about 1100-1300 a month for a 2 bedroom house out to 82nd or so depending on sq. ft and updates. Closer in to the city will obviously be more but then your housing costs will also rise.
If you are planning on purchase a property for investment purposes right off the bat then I suggest looking into financing options before making an offer. Unless you plan on having a significant down payment, investment financing has had a major guideline reconstruction. And many are finding that even though their loan is approved, the private mortgage insurance company (pmi) are not willing to insure the loan. So you really to work with someone who is keeping on top of it all.
I would suggest purchasing a home for you to live in for one year and then turn it into a rental. This way you will obtain a better interest rate and higher financing. If you plan on staying in the home for 2 years then you would have another 3 years you could rent it out , sell it and still not pay capital gains but I strongly suggest verifying that information with your tax consultant as each individual's tax situation is different.
Call me with your scenario and I'll put together some options for you free of charge. It helps to know what to expect. You can email me at email@example.com or call me toll free 877-777-9763. We lend within the entire State of Oregon. http://www.ambientlending.com
With that said, a search criteria can be set up within certain areas you would consider and you could receive automated emails of listings matching that criteria. As properties are posted you could be made aware of them within minutes of them being posted to the RMLS via my web site. Feel free to go there and set up a Home Finder or email me via my web link below and I can set up a search for you. A quick action is what you need once the right property comes up. Are you prequalified with a lender or will you be paying cash? You can answer that in your email if you choose to go to my site. Either way, best of searching for your deal.
For rental property not more than $200k, I suggest the location where $200k real estate exists and that, with a 20% down payment assumably, a monthly debt service on $160k is at minimum equal to your rent...which is about $1,200-$1,300. Depends entirely on your qualifications financially to purchase...so no matter what other advice your are given...it's all about numbers simply. If you have $40,000 down maximum on a $200,000 purchase, your lien is $160,000. And with taxes & insurance, you are looking at $1,200 to $1,300 monthly debt service (less with interest only loan..check out CrownMerit.com)....so, go for the numerous bedroom home (4+) and locational appeal first! (Hawthorne, Belmount, Sellwood, Multnomah Village, etc...)
Let me know if I can help, which I know I can.
State Certified Residential Appraiser
Residential Investment Specialist
Search Real Estate
Single Family - Multiple Family - Bare Land
The difference in a $200,000 house and a $299,999 house in Portland is HUGE so depending on what "in the 200's" is largely going to answer the location and size house (I think minimum 3 bedrooms for a good rental and hopefully but not necessarily one and a half bath).
That's the short answer. I've talked about it a lot more on http://www.PortlandRealEstateBlog.com
So... I go back to suggesting a condo in a really HOT area versus a house in an area that takes you outside of Portland metro.
Great question. Here is your answer. Follow the Jobs! Pick a low crime area where there are good schools and hardly any new homes being built. That is the key.
For my money I would head out to the West Side into the Silicon Forest. Rents are up and JObs are still coming in. This is the area where Intel, NIke, Columbia Sports Wear, Google, Yahoo, Solar World, Genentech, etc.... are all locating thousands of jobs. These communities would include Beaverton (West and North), NE and NW Hillsboro, Orenco, Bethany, and Cedar Hills.
Rentals are HOT up here and new construction is lacking. You should be able to find a Rental in the MId $200's or even a Condo in the Mid $150's. These areas also feature good schools, low crime, and almost no new apartments. Rentals are getting harder to find up here.
This is a great question and this is a perfect time to pick a home up!
Best Wishes. Visit my website and check the MLS for a list of homes.
Dirk T Knudsen
Re\Max Hall of Fame
# 1 Rated Re\Max Team in Oregon