Buy a rental property in north/south Katy? (Morton: leasing, house)

[pangeashi]

I am planning to buy a rental property in Katy area and rent it out. Something likes less than $125K. Talked to several Realtors and they all said that north or south are both good for it, but north you can get a newer home, while south you get an older home for that price range. I am curious anyone has experience owning property north or south? is certain subdivision better than others?
I am looking at some homes in Morton Ranch, is that a good subdivision to own a rental? Also how fast the property is selling in the area? My Realtor has suggested going for the asking price? is the market in the Morton Ranch area that hot? Thank you

[carryyourbooks]

my house sold to an investor. we are leasing back while ours is being built. he offered lower than asking, but that was in march. market is more competitive among buyers right now. most buyers have to bid over asking from the ones i have talked to.

i think you have it backwards. north katy has the older homes. south katy has newer. if you wander over to 77450, they should be similar in age to 77493. 77494 are fairly new. also, at your pricepoint you are more geared to the 77493 or 77450. 77450 is katy taylor, 77493 is morton ranch and katy high.

[Meyerland]

In his budget, south Katy is older homes and North Katy is newer homes. I'm guessing a few homes in his budget in Nottingham Country, lots in cimarron, and some newer builds north.

[Meyerland]

Oh- buy south of 10 for better rental value long term. Check what elem. they are zoned to for better rentals too.

[jd433]

You will get better cash flow because the prices are lower but the rent is similar. Also both North and South of the 10 will appreciate at a similar rate. Try to get something for say 80k and rent it for $1100 - $1200 a month. BTW, you kind of missed the boat. Last year homes were selling for a lot less and were easier to get.