I am looking to purchase an investment property in Savannah, Tx. I live in this great community and it is now

Asked by Christopher, Little Elm, TX Mon Jan 7, 2008

allowing for properties to rent. You would really have to look at the community to probably give me a good answer. savannahdfw.com.
I am wanting to purchase a 3 bedroom home that is appraised at 135K for only 100k and use it as a rental for two years, hoping for a cash flow of $250/month. What do you think about this investment idea? Also, the home was only lived in for 8 months so there is no rehab needed. it just needs a refrigerator and some paint. Let me know. Thanks!

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T.E. & Naima…, Agent, Dallas, TX
Mon Jan 7, 2008
Although it sounds good on paper. A few other things to consider. The HOA is around $700 in Savannah. Did you take that into consideration? There are almost 20 foreclosure homes for sale in the community. Also lots of homes are for rent.

Why 2 years? Are you planning to sell it then? If the location of an investment property doesn't matter to you, I would look for an area that has something very desirable about it such as the school district where peeps pay top dollar for a rental to have their kids in that schoo, major employers close by etc...

I don't want to burst your bubble...Just want to give you another view...
Web Reference:  http://www.sumnerrealty.com/
1 vote
Kathleen Hag…, Agent, Richardson, TX
Mon Jan 7, 2008
I think that sounds like a good investment If the appraised value is really $135,000 not the taxable amount. Also I guess you have an idea of what the homes are renting for. Getting a cash flow of $250
a month doesn't sound bad either. Good Luck
1 vote
Bruce Lynn, Agent, Coppell, TX
Mon Jan 7, 2008
Savannah is a really neat place to live, but not a great place for resale at the current time.. Be very very careful with appraisal numbers, tax numbers, etc in this area, they can be very misleading. Your HOA dues are high and HOA requirements fairly strict in Providence and Savannah. Again there are any real demand generators in this area as well. Expand your search to perhaps the older part of Frisco, Plano, or Denton where there are some demand generators for renters or be prepared with a LOT of cash to ride out your vacancies.
Web Reference:  http://www.teamlynn.com
0 votes
Brian Burke, Agent, Highlands Ranch, CO
Mon Jan 7, 2008
Sounds like a good investment if you can get it to cashflow
Web Reference:  http://www.kennaandco.com
0 votes
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