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re: Orange Beach Condo Ownership
Posted on 10/15/19 at 8:02 pm to Popths
Posted on 10/15/19 at 8:02 pm to Popths
I own a couple of condos in the Phoenix units. I’d recommend a one bedroom unit if it is mostly for investment. People are more likely to rent them during the off season than larger condos. Also being smaller, it doesn’t require a fortune to update nicely. Based on what I paid, the cap rate is a lot higher on my one bedroom. It has appreciated nicely too. Paid slightly less than $200K for my one bedroom in 2014. They now list for about $325K. My rentals are $36K so far this year. Paid $482K for my three bedroom in 2018. Rentals are $50K so far this year in it.
1
Posted on 10/16/19 at 8:56 am to Ramblin Wreck
quote:
I’d recommend a one bedroom unit if it is mostly for investment.
I totally agree with this. Bought a 2BR and have since bought several studios. The cap rate on the studios are much higher than the 2BR. I wanted to sell the 2BR and get 2 more smaller ones, but the wife wants to keep the 2BR for family getaways. Which never seem to happen because they are always to busy to vacation with us, but often ask to stay at the studios (while we baby sit the grandkids, of course!)
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