Thinking about buying condo for rent in Ann Arbor, MI

[adlep]

I was able to find few properties really close to North Campus, Gallup Park, and the Med School...
I should be able to buy a nice 2 bedroom condo for about $120,000.
The Mortgage payment including the association fee should top at around $950.00~$1000.00/month and I should be able to rent it out for about $1300.00~$1450.00/month...
Should I consider anything else when getting a rental property?
Help..
Is it a good idea?
I was thinking about renting it to Med/Grad students..
😕

 

[adlep]

ttt

 

[adlep]

?

 

[DougK62]

Do you really want to be landlord for some college kids? I wouldn't.

 

[adlep]

Originally posted by: DougK62
Do you really want to be landlord for some college kids? I wouldn't.

Grad Students and Med students...
If you are 50+ hours outside of your house, you do not want to party anymore...

 

[Armitage]

Read an article recently that suggests the entire housing market is one big overpriced bubble, and may be due for a correction as interest rates pick up. I suspect that's certainly true for some markets, have my doubts about a nationwide corrction. Just something to think about. Real estate isn't always a good investment.

 

[adlep]

Originally posted by: ergeorge
Read an article recently that suggests the entire housing market is one big overpriced bubble, and may be due for a correction as interest rates pick up. I suspect that's certainly true for some markets, have my doubts about a nationwide corrction. Just something to think about. Real estate isn't always a good investment.

Still, the price of 120,000 isn't much for Ann Arbor and the mortgage interest rates are low. The probablility of the "correction" in AA is very, very samm to none because it is really the best place to live in Michigan...