Real Estate Value
How much is a condo worth that would rent for $1000/mth ($125/mth in association dues and taxes of $800/yr)? At what price would this property be worth it as an investment? At what price would this property be worth it as a primary residence? What other factors besides what a place can rent for can change the value of a property?
If my plan is to keep the property for 20 years, initially to live in and then rent when I move, is the worry of a nationwide real estate crash reason enough to hold off on buying if the price is right? I plan on doing 10% down, 10% home equity loan and a 15-year fixed mortgage. This is in Minneapolis/St. Paul.
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