Please consider doing a rental survey prior to purchasing an investment property in that area. Also, townhomes and condo's are usually the first ones effected by the market and the last ones to pull out of a declining market. Good luck.
Whenever you invest in real estate you need to check how easy it is to rent out. Please remember that many previous investors in Antioch, wouldn't have to sell if the could rent their properties out.. Then, as Paulette already mention - make sure that your cash flow will support your idea. How much down payment you can make and what the going rental rates are? And the most important, if you loose you tenant, can you support your investment without trying to sell it?
Is it a good time to buy? Yes! A condo as an investment property? Depends. If you can find a turnkey condo at a super price, then go for it, however assuming that you will finance a portion of the purchase price, take in to consideration that it may take a while to find a tenant and you will have to carry the mortgage and the monthly HOA dues until the unit is rented. Do your homework in comparing the prices of the homes in the area. It may be better to buy a single family property than a condo or townhouse if it fits within your budget. This is because many renters in the area are former homeowners that have lost their homes due to the foreclosure process; They are seeking to rent single family homes to accomodate their families.
BTW, As of today (5/23) at 6:25pm, there are 75 condos on the market in Antioch alone listed under $200,000. Their HOAs range from $100-$320 a month. That's just a snapshot of what is out there. If you are interested in checking out some of these properties, go to our site and log-in...it's free. If you want more stats, then shoot us an email.
The Jefferson Team
If cash flow is your goal, you might want to consider a multi-unit purchase. There are some duplex-fourplex units that come up in Antioch. Also, with the amount of foreclosures going on and depending on the amount out of pocket that you want to invest, there are a lot of displaced families need to rent that can not be accomodated in a condo because of occupancy standards. You may want to weigh this in and consider a single family home as an investment.
P.S. If you want to shop for MLS properties on the internet in an ad and pop up free environment, check out the demo on my website for the Home Buyer Scouting Report. See the link below.