How long does it take to rent out a home near the Energy Corridor?

[EasilyAmused]

I think your biggest challenge is being able to even find a house in Wilchester for 500 k to purchase.Even tear downs are going for more than that now. Rummel Creek zoning very close to the freeway is your best shot. Or go further west past Dairy Ashford.

You might find one right on Wilcrest or Kirkwood, but it won't rent well.

[arcenciel1]

Originally Posted by EasilyAmused

I think your biggest challenge is being able to even find a house in Wilchester for 500 k to purchase.Even tear downs are going for more than that now. Rummel Creek zoning very close to the freeway is your best shot. Or go further west past Dairy Ashford.

You might find one right on Wilcrest or Kirkwood, but it won't rent well.

Thanks EasilyAmused for your multiple responses - very helpful! Yes, 500k in Wilchester is hard. We would go up to 550k in that region - saw a couple homes listed in that range in Rummel Creek, but you're right they were a bit old, or close to Katy freeway. I'm less inclined to go west of Dairy Ashford because the schools there are not as good (especially at the far west end of 77079, near Fleetwood).

[julia1999]

Originally Posted by Meyerland

It also depends on the combination of asking price and the condition of your home/interior finishing. If you want top dollar, then your home needs nice finishings. An older home that is dated or old fashioned will still rent very quickly, but not for top dollar.

That is a great location and you should have no problem renting it out to a good and qualified renter. The schools are great, it is close to the energy corridor as well as the galleria area, close to shopping/ restaurants, and it has a nice neighborhood feeling with trees.

As a landlord myself, I think there is always a sense of insecurity for renting out higher end of properties. Either you will face lack of demand during a economic downturn or you are worrying days and nights about tenants do not take good care of your half million house.

My rental property is in south part of England, where the property price can easily exceed half a million pounds. I always felt that expensive rental property is not good value for money.

You could always mitigate the risk factor associated with high-end rental by buying a multi-family rental. That will maximise your profit return and will also apprise in the next couple of years.

[ToyYot]

On that budget I'd be looking out in Katy. A larger, newer property with a pool might be a better rental especially within the Cinco Ranch or other MPC with amenitites. I would think that an expat moving to Houston will want that "Texas experience".

Also, bear in mind expats looking at rentals $3-4000+ generally have private schools paid for as well so you may want to expand your search a bit to places like Lakes of Eldridge which is popular with the expats but with less regarded schools.

Or, given other advice about renting high end properties which I tend to agree with, you may be better off splitting the difference and buying in a Cinco Ranch type MPC but in the $300k range saving you a bit of money, keeping the good schools which matter to you, and providing amenities and location to your potential energy corridor tenants.