How is the rental market doing in Tracy?

Asked by George, South San Francisco, CA Sun May 11, 2008

I'm interested in purchasing a long-term investment property in Tracy. The house I have been looking at are entry-level SFRs with 3-4 bedrooms, 1500-2000 sqft. I hope to rent out the house to cover my expenses, but I'm concerned that the rental market is too soft in the Tracy-Mountain House area. Do you think this is a good idea?

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Eric Bryant, , Long Beach, CA
Mon May 12, 2008
Hi George, Tracy is a great place to live, but because you want to cover your expenses, I would be leery of buying rental property like you have described. The avg home that fits those parameters is about 300k, your payment on that would be between 1700 (20% down) and 2300 (0% down). rents may fall in the lower end of that right now, and there are many other expenses involved in owning Rentals. Tracy/Mountain House tough to get cash flow properties in. Stockton/ Manteca/Modesto better. Best of Luck! The Coach
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Susan Gouldi…, Agent, Tracy, CA
Sun May 11, 2008
The rental marketing is amazing right now. So many people are losing their homes to foreclosure and short sales, but they don't want to leave the community. I have an investor who put his home for rent on Craig's List -- he had 20 inquiries within the first 24 hours, and rented it for more than advertised. Same square footage as you mentioned above. If you're not working with a realtor currently call me, we can discuss your options -- if you are working with an agent, ask them about the neighborhood you're considering purchasing in and what the rental market is in that area. Have a great week. Susan
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