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Old 08-27-2011, 10:28 PM
 
Location: Sarasota/ Bradenton - University Pkwy area
3,224 posts, read 4,593,024 times
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To get $3000 a month, you'd pretty much need to have something in Terra Ceia with boat dock and bay access. Newer, 3 or 4 bedroom homes in the Ellenton & Parrish areas are renting in the $1300 to $1700 range for the most part. I briefly checked one of the local rental sites and there is a home in the Parrish area that's an almost new, 3 bedroom home on a 1 acre lot (in a subdivision) that they are asking $1800 per month for.

Dollydo is giving you good advice.
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Old 08-28-2011, 06:55 AM
 
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Thanks for the advice everyone.

One thing is 3K is coming from "1.5% of the purchase price" guideline posted earlier on the web. A 30 yr mortgage at 3.6% rates are below 1000$/month for 200,000 mortgage. So an expectation of a rental of 3K may be on the higher side. I understand there are other expenses too but still.

If not for investment, is it ok to build for living in it though, considering that the building costs have come down and mortgage rates are so low ?
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Old 08-28-2011, 08:46 AM
 
Location: Parrish, FL
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FYI: There are 3 homes currently for rent in Twin Rivers (Parrish) for $2,300-2,500/mo. They are newer homes (3-4 yrs) and on larger lots.

We thought we could possibly rent one of those short-term so my husband could stay down there and keep an eye on our house being built in Twin Rivers. Problem is, the HOA only allows long-term rentals so he may end up at an extended-stay hotel.

Building costs are lower right now. Still costing us more than buying an existing home but we are getting exactly what we want instead of compromising.
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Old 08-28-2011, 09:02 AM
 
6 posts, read 7,506 times
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Sue

Thanks for your information based on first hand experience. Appreciate the feedback.

Yes, building a house based on one's own exact needs (though a hassle) is precisely what people can do with a lot. It is reassuring to know that there is still some interest in this segment.

Market has been brutal to the residential lots asking 1/3rd or 1/4th of what we paid for while the average housing fall has been only around 50% from the peak. It just hurts to throw away at these prices and that is the reason for the "out-of-box" thinking to basically build a house on the lot.
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