re: Homes in upper middle class neighborhoods going up for rent

Well for that house you listed it looks like seller bought it in beginning of 2019 for 305k. More than likely refinanced in 20/21 for say 3% rate. Assuming they only put 5% down their note is still currently under $2000.

Looks like they listed it in Feb of this year and had a few offers fall through. Instead of dropping the price they took it off market at end of April and listed for rent now at $3000. Which is less than what a prospective buyer would be paying on a note (note would be closer to $4000 if they only put 5% down). So seller now makes approx $12,000 a year off rent and will more than likely have a nice tax write off on the rental property.

I definitely see this happening more than ever with these sellers who have rates in the 2’s and 3’s.