There is a fantastic opportunity in northern Palm Beach County that may be a great fit to help you meet your investment goals. This development is new construction with impact glass, high quality finishes, a very solid association with excess reserves and great amenities in a top rated location. One bedroom units have a better return as the association fees here are much lower on a 1 bedroom as they are based on square footage. The increase rents also do not outweigh the additional cost of 2 bedroom units.
Rental market here is strong for one bedrooms; 4 units rented over the past 90 days with only one unit on the market. Rents have been in the $1,100 range but this particular unit has an amazing private setting that is among the best I have seen in the community so it should bring $1,200. It will probably take about $121,00 to buy.
If you pay $121,000 and have $14,400 in gross revenue (if you rent yourself) and expenses of $2,616 for association fees, $1,866 for property taxes and about $500 in insurance you end up with about a 7.7% cash on cash return and a top quality property that will have a much better appreciation than fringe locations.
If I was looking for an investment property today this is the deal I would snap up in a heartbeat. If you would like any additional information please feel free to contact me at your convenience.
I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty