Asked by Real Estate Investor, Denver, CO • Thu Oct 4, 2012
Hello, I am looking for an investment property in the Boston area that satisfies the following criteria. If you know of any such properties, please respond and I will contact you.
-Assume financed with a conventional 30yr at 3.5% with 20% down.
-Annual rent must fully cover:
1) initial mortgage interest,
2) property taxes,
3) condo fee/common charges,
4) homeowner insurance,
5) property management fees (if needed) and
6) building depreciation calculated on a 27.5 year life
-Unit(s) must either be already rented or could be rented quickly at a price that satisfies the above.
-Prefer a central location with high rental demand (brookline, brighton/alston, south end, back bay, downtown) with professional demographic
-Prefer to avoid higher crime rate areas unless the economics are extremely compelling
-Price is somewhat flexible but would like to stay in the 500k range or lower
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