This link is from our new MLS system, and there are still some kinks to be worked out. But, even so, the results are astounding.
What you’re seeing are newer (1995 and later) single-family suburban tract homes — 3 or 4 bedrooms, 2 baths, 2+ car garages, stucco walls, all tile roofs — all listed for $100,000 or less. Some will be short sales, so the prices might be fanciful. Many will be lender-owned, and so they could be in rough condition. But each one of these houses can lease for at least $750 a month, so they will be cash-flow positive from the first tenant.
The fact is, my preference is to ignore all of these houses. The next tier up — $100,000 to $125,000 — are the ones worth having. Premium locations, upgraded amenities, higher potential resale values. But still — the mind boggles.
Right now, as I write this, there are 731 of these homes available for $125,000 or less. Not in insane locations like Buckeye, Maricopa or Queen Creek, but in developed suburbs with easy access to schools, entertainment, retail and jobs. In other words, rental homes that will stay rented, that won’t sit vacant for month after month.
For goodness’ sakes, there are twelve homes available for $125,000 or less in Estrella Vista, the best little subdivision in Goodyear.
If you want, I can build you a custom searchbot that will show you premium rental homes as they become available. What’s a premium rental home? It’s one that will attract premium tenants at a premium rent, will stay rented while you own it, will occasion few if any eviction or repair nightmares, and will sell at a premium price to owner-occupants when you’re ready to move on. Any Realtor can sell you a cheap house. I have been very successful at identifying premium rental homes — profitable to buy, profitable to own and rent, profitable at resale.
This search will expire on September 7, 2008, but I think our inventory of sweet suburban rentals might last a little longer than that. Email me if you want to discuss your opportunities.
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