|Re: Affordable Housing: Rentals vs For Sale||<– Date –> <– Thread –>|
|From: Sharon Villines (sharonsharonvillines.com)|
|Date: Tue, 24 Jul 2012 12:25:44 -0700 (PDT)|
On 24 Jul 2012, at 10:12 AM, Elizabeth Magill wrote: > Some organization bought it, right? With either a lot of cash or a > mortgage... do rentals in your area bring in more than they cost???? $800 SF rents for ~$1800 in DC. Our units in that range are probably worth $300,000 right now. The condo fee is about $300. So it depends on the size of the mortgage whether you break even. As the mortgage is paid down, the income rises. The community has to build those figures into the initial cost of the units, and do a business plan. And charge market rates. it's an investment in the future and a contribution to the population for whom rentals work better. If the community does all the financing up front, the rentals pay down the mortgage. Sharon ---- Sharon Villines Takoma Village Cohousing, Washington DC http://www.takomavillage.org
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