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Rent price / purchase mortgage ratio

Started by jifjif
over 16 years ago
Posts: 232
Member since: Sep 2007
Discussion about
Question for you guys... What would be an acceptable ratio for same unit rental price and purchase price with mortgage at 20% down. Say rental was $3000, what would be purchase monthly with mortgage? Trying to estimate the market price for rental units. There were no comps evaluate with.
Response by ChasingWamus
over 16 years ago
Posts: 309
Member since: Dec 2008

The current market seems to have $3,000/m apartments selling for around $750,000. Assuming a 30 year at 5.5 percent it is $3400/month plus maybe $1500 maintenance is $4,900. Of course this is just a rough guess at where the market is now.

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Response by jifjif
over 16 years ago
Posts: 232
Member since: Sep 2007

Thank you that kind of ball park is exactly what I need.

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Response by jifjif
over 16 years ago
Posts: 232
Member since: Sep 2007

Anyone know of a calculator for such? (market price / unit / location would factor in but looking for more general estimate)

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