213,263
I have no clue about Richmond California but a $450k investment that returns $2900/mo before expenses does not sound like good investment unless appreciation rate is very high-which normally condos are not.
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Fred Griffin Florida R...
Tallahassee, FL
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Bob Crane
Stevens Point, WI
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Candice A. Donofrio
Fort Mohave, AZ
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
1,057,824
With the numbers that you just provided, taking expected expenses into account and considering the yield that most of the investors that I work with would be after, I would say no in terms of cash flow. I don't know enough about the area to speak to appreciation so you would need a local for that.
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Fred Griffin Florida R...
Tallahassee, FL
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Bob Crane
Stevens Point, WI
1,712,876
Normally condos of this kind have high ROI fees. I would almost be sure that the cap rate is 5% or less. Also California is not a landlord friendly state on eviction. You would need yearly double digit appreciation to make this work.
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Bob Crane
Stevens Point, WI
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Candice A. Donofrio
Fort Mohave, AZ
6,426,360
Not nearly enough roi for me.
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Bob Crane
Stevens Point, WI
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Nina Hollander, Broker
Charlotte, NC
5,773,392
Michelle,
I agree with Michael Jacobs . No one size fits all. A
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Michael Jacobs
Pasadena, CA
5,036,366
I think Michael Jacobs has answered your question.
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Michael Jacobs
Pasadena, CA
4,584,946
It depends on the goal - now and/or long term as well as the individual.
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Ron and Alexandra Seigel
Carpinteria, CA
1,466,257
Michelle Carr-Crowe-Selling Silicon Valley Homes in Top Schools San Jose, Cupertino, Saratoga, Palo Alto-Just Call 408-252-8900 Like any real estate investment, the ROI will tell the story as to whether it is a good investment.
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Candice A. Donofrio
Fort Mohave, AZ
4,800,132
I have no idea about the Richmond VA market. Though, in most areas I've never considered a condo to be my top choice for an investment property.
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Nina Hollander, Broker
Charlotte, NC
2,381,497
I have no idea what the market in Richmond is like now- I think you will get a limited number of informed responses.
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Nina Hollander, Broker
Charlotte, NC
3,071,589
1,729,017
Now I have to visit Richmond, CA to check it out!
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Nina Hollander, Broker
Charlotte, NC
1,209,811
Investment property is definitely market specific. I am not familiar with this situation.
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Nina Hollander, Broker
Charlotte, NC
634,532
There is always risk and any investor needs to do the numbers on the specific proerty. In my opinion that area has strong numbers for projected growth so the right purchase should be a at least a reasonably good investment unless the economy takes a downturn.
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Nina Hollander, Broker
Charlotte, NC
4,319,873
Michelle Carr-Crowe-Selling Silicon Valley Homes in Top Schools San Jose, Cupertino, Saratoga, Palo Alto-Just Call 408-252-8900 - investment is investment and should help at some time for sure.
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Sandy Padula & Norm Pa...
, CA
117,040
Richmond, California is an area that many people are considering because the price of housing in San Francisco, Berkeley, and even Oakland is increasing, pushing many people into areas that may not have been as desirable in the past.
Richmond will probably be a great investment given the expansion of the University of California to Richmond, BART, future ferry service, and affordable home prices. While the area had a lot of crime in the past, it is becoming gentrified, just like West Oakland and East Palo Alto.
2,673,169
Thanks all for the comments and input. I reached out direct to about a dozen ActiveRain agents who say they specialize in Richmond-and got just 2 responses.
5,063,555
You might do a search for Richmond CA agents here on AR and reach out to them specifically. There are a number of issues to take into consideration here. A SFD will do better than a condo in terms of appreciation, and perhaps fewer expenses (like HOA fees)
1,507,223
Dunno the area, sorry. I'd say depends on the mortgage and hoa fees too. I'm not a huge condo fan since in general they don't appreciate at the same rate as homes.
3,744,770
767,089
Investment properties are a good way to invest for the future. You should only request opinions from those that work and live locally. There are not only city considerations but also community, school and long term investments to consider. One community just blocks away from another may be quite different as far as desirability and investment potential.
2,684,769
That's not much ROI on $450K out of pocket, plus condo fees, taxes, insurance.
1,093,547
3,986,308
902,658
No idea what the capital appreciation might be for the area without doing a lot of research, what normal rent prices are, demographics and so on. You need to do some serious numbers, but best not to offer that sort of advice as a real estate agent.
991,952
1,242,204
What is the HOA fee? Anticipated vacancy % ?
The $2900 sounds high for that part of the BA. Craigslist suggests a 3 or 4 br SFH rents out for ~$2500.....
1,665,036
4,969,061
1,617,916
2,785,756
5,117,828
I know nothing about the Richmond, California market and wouldn't begin to opine.
7,872,822
4,434,177
1,157,791
I am not familiar with that market but perhaps some other ActiveRainers may be able to provide helpful comments.