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I would suspect.....The rent will cover the mortgage -- the investment pays for itself and the profit is BIGGER and better.
A $400K mortgage at 5% over 30 years, the monthly payment is about $2,150.00 per month principal alone. I doubt rent on 1/2 a duplex in an area such as the one shown will rent for anywhere near the mortgage payment. I expect it would rent for less the 50% of the payment.
okay -- so I overstated the benefits.....but sometimes you have to hit people over the head with a brick.................
I think many come to SC with few hundred thousand (typically as a result of a home sale up north) and think they are going to own SC. While probably one of the lower income states, there are areas one cannot crack for less then $500K and some areas they cannot crack for less then $750K to $1mil.
As an example. Production workers at Boeing make about $16-17.00 per hour or about $35K a year and that is considered a good job here in SC. A two income family making about $70K a year in SC can live the good here, they just cannot live it everywhere. Old formula says one can afford a home about 3 times their income and maybe stretch it to 4 times. This says they can afford a home costing $210 to $280K. That in itself eliminates many of the close in areas.
I would say to afford a $500K home with $100K down ($400K mortgage), there best be about $100K a year coming in or one could be in trouble if there is a "burp".
I have seen many posters come on this chat saying we are relocating to the Charleston area and we want a 3,000sq ft cottage on a large, private piece of land on or near the water for $300K. When all is said and done, they end up in 1800sq ft home in a 500 home development in Summerville.
I have no idea of the OP's income nor financial situation and this is by no means aimed at them.
I have seen many posters come on this chat saying we are relocating to the Charleston area and we want a 3,000sq ft cottage on a large, private piece of land on or near the water for $300K. When all is said and done, they end up in 1800sq ft home in a 500 home development in Summerville.
lol so true on so many levels. And not that that is a bad thing. I think people just find out what they can get with theit money, how much homeowner's insurance is, how much flood insurance is.
Location is important, but the way I see it, most people are going to drive a lot one way or another. We're renting in MtP and it's a quick 12 minutes to work for me, but 30 for my wife. And we miss out on Folly and restaurants and the like in WA. Not to mention the trek to get to a Best Buy, Toys R Us, or Bohemian bar district. We can afford to buy in MtP, moreso in 3-4 years, but considering the value...
Haha either Park Circle or Upper King. And not that I'm a hipster, but my brother and friends are. :-)
I'd rather have a beer watching the ocean or o the upper deck at Red's...
Thanks for getting the humor...after I posted I was fretting you might get offended.
I do like some of the stuff on upper King...but in Mt. Pleasant ..south of IOP it takes no time to pop in there for a drink.
You know what happens to us.......we think - oh it might be nice to go out and have a drink..... wait we have good wine or good bourbon or good beer.........oh well never mind.....slurp slurp.
Thanks for getting the humor...after I posted I was fretting you might get offended.
I do like some of the stuff on upper King...but in Mt. Pleasant ..south of IOP it takes no time to pop in there for a drink.
You know what happens to us.......we think - oh it might be nice to go out and have a drink..... wait we have good wine or good bourbon or good beer.........oh well never mind.....slurp slurp.
Obviously I'm old.......
Definitely with you, there. After the cab, the overpriced drinks, the cab, you might as well just buy a bottle that lasts 3-4 nights. But as a host, they always think it's more exciting to take in the nightlife culture. Ugh, when will people learn?
ah yes....of course -- if you have visitors. Get out and show them the town!!!!....Closed for Business, Rutledge Cab Company,......report back please.
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