buying home to rent near Scott Air Force Base (Belle: renters, insurance)

[Kassad]

I wanted to see if there were any opinions or thoughts on where I should look to purchase a house in the SAFB area. When I say 'area' I mean a < 15 minute commute to the base. So we're talking about the towns of Belleville, Shiloh, O Fallon, Swansea, Fairview Heights, Mascoutah, etc.
I plan on living in the home for 2 or 3 years and then renting it out when I transfer out of the area. Are there any 'can't miss' areas that will make it very easy for me when I hand my home off to a property manager in a few years?
Also, if anyone can comment on what type of homes are easiest to rent that would be great (ranch vs. 2/3 story, inground pool a plus or minus). So I'm kind of trying to get an idea of what renters are looking for and where are they looking.

Any web sites that can provide historical data would be great.

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Originally Posted by Kassad

I wanted to see if there were any opinions or thoughts on where I should look to purchase a house in the SAFB area. When I say 'area' I mean a < 15 minute commute to the base. So we're talking about the towns of Belleville, Shiloh, O Fallon, Swansea, Fairview Heights, Mascoutah, etc.
I plan on living in the home for 2 or 3 years and then renting it out when I transfer out of the area. Are there any 'can't miss' areas that will make it very easy for me when I hand my home off to a property manager in a few years?
Also, if anyone can comment on what type of homes are easiest to rent that would be great (ranch vs. 2/3 story, inground pool a plus or minus). So I'm kind of trying to get an idea of what renters are looking for and where are they looking.

Any web sites that can provide historical data would be great.

Sorry, I can't really help with the area. I just don't make it over there very often. Try posting on the IL board.

I will say this with respect to what renters want, they want the same thing as owners and that means updates throughout but especially new kitchens and bathrooms. Plus more bedrooms will mean more $ come rental time.

A pool could be nice or it could be a major problem. What if the tenant neglects it or has an accident while swimming? The liabilty with that, plus the insurance I am sure, would be a downside.

[aragx6]

I don't have any specific Metro East advice for you, but just make sure you can cash flow on the property once you rent or it's really not even worth buying. Plan on at least 1 month's rent per year in loss from property turnover (some years it will be more, others hopefully less), property management fees , maintenance costs etc. If you don't have a sizable down payment to put down, i wouldn't even consider it.

But with mortgage rates as low as they are, I can see why you'd want to do this!