One easy comp is to look at rental rates vs. monthly payments. Right now, prices are at a point where the cost to rent is actually $300-$500/mo. higher than if you were just to buy it yourself. If monthly rent is a stable number, and it's less than cost to own, then intuitively speaking, properties have room to grow.
There's a duplex behind the Mercury Bar in Corktown. 4 total bedrooms could probably rent for $2,000/mo. in revenue. But the monthly expenses come out to $1300-1400/mo.
I'm not one to speculate on the direction of house prices because those are based on so many unpredictable factors on any given day. But I do know that if I can rent out a house for $2,000/mo. and buy it for $1400/mo....I'd do it as many times as I can.
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