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Old 10-19-2010, 12:46 PM
 
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Default Rental property in Coppell

We live in Coppell and am looking to buy a rental property. I like the town homes near 121 that are relatively new and hopefully less maintenance. The negative being that the HOA fees are pretty steep.

I want to hear your thoughts/suggestions on renting in this area and any thing to watch out for.
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Old 10-19-2010, 12:51 PM
 
Location: Simmering in DFW
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Do they have a garage? I would be more likely to purchase a SFH or something with 3 bedrooms and a garage/carport for rental b/c the draw for tenants in Coppell would capture a wider group with a SFH........Coppell attracts families b/c of the school district; families unload a lot of groceries and sleepy kids needing to be carried into the house....such tenants look for attached covered parking.
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Old 10-19-2010, 12:56 PM
 
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Yes. They are in Coppell ISD and have 2 car garages. Most are 3 bed/2.5 bath.
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Old 10-19-2010, 01:58 PM
 
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Townhomes/condos are generally not great rental property - anywhere- because of high overhead....HOA dues, potential assessments from the HOA, etc. Single family homes or single-owner duplexes/apartment buildings are the most desirable rental property to generate cash flow.
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Old 10-19-2010, 05:18 PM
 
Location: Dallas/Fort Worth, Texas
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I would usually agree as well that townhomes/condos aren't a great rental investment. However, the ones you are talking about have a low HOA compared to those getting the same amenities in Dallas proper. $230 including all the exterior maintenance, water, gated and a community is not that bad. These ones rent pretty well, on average within 30 days. It's when it's time to sell that you have to expect a longer time and people usually pay less for a property that was a rental.

I too would suggest looking at SFR first even if they are little older.

Naima
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Old 10-19-2010, 05:57 PM
 
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I agree - I have been tempted to buy a condo or townhome from time to time (when there is a screaming deal) but fortunately I always talk myself out of it...
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Old 10-19-2010, 09:39 PM
 
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I agree with Squirl. It seems like most people that are attracted to Coppell are here for schools. Most of these folks would probably prefer a single family home neighborhood for the yard and the chance to be with other families with kids. I'm guessing a lot of these people are relocating from out of town for jobs.

There are two homes in my neighborhood in Coppell that are rentals. I've noticed that they've switch renters ocassionally but never seem to be vacant or need to put up a for lease sign. I don't know for a fact, but my impression is they must have pretty good demand.
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Old 10-20-2010, 06:02 AM
 
Location: Simmering in DFW
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However, if they do in fact have a 2-car garage and 3 bedrooms, I'd look seriously at them if served by Coppell schools. I own a condo and a townhome as investment properties and I don't mind the HOA fees b/c at my properties they are reasonable and the communities look great.
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Old 10-20-2010, 08:36 AM
 
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are any of those units rented now or are they owner occupied

have you checked what type of mortgage rate you get for buying as investment property vs residence
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Old 10-20-2010, 09:41 AM
 
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Good suggestions and appreciate the input. Regarding the property itself, I know some one who is renting in that neighborhood. So not all of them are owner occupied.

Mortgage rates are higher. About 0.75% - 1.25% for investment property compared to a residential mortgage.
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