My neighbors down the street are getting a divorce and thier house is vacant and its up for sale at a very good price. They are taking at least a $160K hit on it since they bought at the peak in 2006 for $589k and selling now for $429k. I was thinking of buying it since it has RV parking on the side of it and the area is quieter. I am on a busy corner and the back yard is adjacent to a busy street. I am tired of the noise where I am and was thinking that maybe I could rent out my house for a little more than the mortgage payment and move to my neighbors old house. It would be easy to keep an eye on the rental since I would essentially live across the street a few houses down. I was thinking that I would live in it for 6 years untill my youngest kid graduates high school and then re-evaluate.
I was thinking of offering $399K and putting 5% down. The mortgage and taxes on this house would be more than I am paying now, but I can swing it. I think it would appraise for more than the current asking price. It has tons of upgrades.
Is the Cali housing market near the bottom? Is the rental market decent or is it hard to find renters these days? I am going to talk with my friend who is a Realtor and then a Rental Property Management company to get their opinions.
What do you think? Should I go for it?
I was thinking of offering $399K and putting 5% down. The mortgage and taxes on this house would be more than I am paying now, but I can swing it. I think it would appraise for more than the current asking price. It has tons of upgrades.
Is the Cali housing market near the bottom? Is the rental market decent or is it hard to find renters these days? I am going to talk with my friend who is a Realtor and then a Rental Property Management company to get their opinions.
What do you think? Should I go for it?