I agree. You should pay attention to Mortgage Notes in different Zips and talk to a lot of landlords. You can protect yourself but strive to NEVER PAY RETAIL. you can always get value if you ask many questions, like this one, TALK TO LANDLORDS, Prop Mgmt Companies, i.e. serial property buyers.
Oh yeah, BiggerPockets has a great community. I have a regular (borderline guest) account and there is a wealth of info, with constant input (it's popular, lot of users)... more
You know, my agent has several policy options including replacement cost coverage. By choosing that option, the insurance premium is computed using the current value and anticipating the cost of replacing key elements of the home.
The land value would most likely not be relevant even if you are in a gated community. Land is land. It's the replacement of the structure you're anticipating.with the cost of the insurance.... more
Just to update there 202 Homes for sale listed under $1 million and 79 for $1mill plus in 75230 as of March, 16, 2010. These are "blue chip" properties much like stocks their rapid appreciation days may be over but slow steady growth. Some tear downs to build luxury homes occuring, few foreclosures, majority are well maintained. I would say it's a sound investment area. Buying the ugly house on the block could defintitely benefit one here. Best of luck... more