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Thinking about buying a townhome in Cleveland springs in Garner, NC. It is about 15min drive to Raleigh and thinking it would be a good investment opportunity. Seems like rents are around $1100 for a 1600SQFT townhome.
Thinking about buying a townhome in Cleveland springs in Garner, NC. It is about 15min drive to Raleigh and thinking it would be a good investment opportunity. Seems like rents are around $1100 for a 1600SQFT townhome.
Any thoughts?
Thanks for reading.
You want to buy a townhouse in Cleveland Springs to rent out? Are you paying cash?
If not, I cannot see the benefit to buying a townhouse in a place that isn't in a very central sort of location.
Unless it's a foreclosure and you're getting it for a steal.
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Those are the only townhouses for MILES.
And MILES.
Ever driven out there? There are goats grazing right up the street. Close proximity to goats is not really on a townhome renter's wish list.
I would think that would be among the last places a renter with a budget of $1100 per month working in or near any employment center would choose to live.
Thanks for response. It was about $50K less in price compared to Raleigh, Durham, Cary areas. Seems like the rental range is in that amount as per rental search. It could be less income now for an investment opportunity but thought of growth in future.
Yes, I drove there but there is also so many people who bought individual homes in same community.
Hello, I live out that way and know the area you are talking about well. It is growing, however, the roads have not kept pace with the growth. Once they build the rest of the loop it will intersect nearby on Route 50. The townhomes are just around the corner from brand-new income-based housing for seniors and low-income families. Unfortunately, I don't see the area appreciating in value in the near future. You might want to talk to a realtor or at least look at what the historical sales have been like in the area. Good luck!
Yes, I drove there but there is also so many people who bought individual homes in same community.
Thanks
That's because you can buy a detached home there for not much more money.
The same people who can and will pay $1100 rent for a detached home in Johnston County want no part of a townhome. If you are not familiar with Johnston County, you need to understand that it is simply not a location where attached multi family dwellings make sense to people choosing to live in that area. It might be only a few miles further out, but it is the country. That's why you don't see anybody building apartment complexes out there, either.
That rent seems WAY off. My brother pays over $300 less per month for a more central location (border of Raleigh and Cary).
I can't imagine a townhome all the way out there renting for that amount.
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