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I found a nice home I'm thinking of purchasing for an investment property off of hwy55, turning onto Parkscene Ln. This is just a few blocks south of High House Rd. and hwy 55 intersection. The home is located just off hwy. 55 by turning onto parkscene then immediately onto parkcrest. I know this area is just inside the Cary, city limites. The neighborhood and surrounding areas all seem very nice and well kept. This seems to be an area that is in the developing stage still.
The home is modest at 1900 sq ft, 3 bedroom 2 1/2 bath, average 2-car garage. It was built in 1993 and is in good shape, but not perfect. As is any home that is 14 years old, it need some very minor upkeep. The neighborhood is nice with a decent HOA, good neighbors, and all that live there truly seem to take an interst and care about their subdivision.
The current home owner purchased this home for $218,000 in 2005 and is offering a selling price to me of $242,000. The home is not listed and the seller is not planing to use an agent, but I am going to bring my own agent in to walk me through the purchase. Overall, the home seems like a good buy in an area I think is nicely suited for further development and modest appreciation. However, if there are any agents or other savy real estate minded folks in here that can either confirm my thoughts or even correct them, it would be greatly appreciated.
The West Park subdivision is beautiful and from the looks of it, has mostly owner-occupied homes that are well maintained. I believe the schools there are still zoned for Davis Dr Elementary, Davis Dr Middle and Green Hope High, which, imho, still have the most appeal and cache.
The West Park subdivision is beautiful and from the looks of it, has mostly owner-occupied homes that are well maintained. I believe the schools there are still zoned for Davis Dr Elementary, Davis Dr Middle and Green Hope High, which, imho, still have the most appeal and cache.
I know at least part of Westpark was redistricted to Green Hope Elementary which is still a great school.
west park is a great neighborhood, and there is definitely some room to improve the homes. The location is great and has definitely improved in the past 5 years, as there are more stores around, etc.
Anyhow, it is definitely a good neighborhood, lots of walking trails, etc.
At $242,000 wont your mortgage be ridiculous for the amount you would have to rent it for? The market the way it is, i would say you are making a bad decision for spending that much on a property to rent, in my opinion, you will never be able to cover your payment on it.
Not sure about the "rental" aspect, it depends how much $ you put down and how much rent you will charge. Also, check out how much the rents are in that area. On the other hand if you buy it now, fix it and sell it in the spring, you might see a small profit. Ask your agent about the supply/demand in that area/complex, etc. Spring in real estate starts in February (at least in NY it does) so if you buy it in January and have a quick closing, have the alterations done by mid-Feb you should see some action in Mar/Apr for a quick flip.
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Investment Property
