I thought this 3 bed 1 bath condo in Brookline's Washington Square would have a high return. However its return rate turned out to be less than 5 percent. It has good advantages including in-unit washer and dryer and balcony, though.
Overview
$724,900
3 bd 1 ba 1,090 sqft
Price cut: $5K (6/23)
17 Westbourne Ter #2, Brookline, MA 02446
Condominium
Built in 1916
Heat: Baseboard, steam, natural gas
AC: None
Parking: Off street
$511 monthly HOA fee
$665 price/sqft
2.5% buyers agency fee
Listing Agent's Points
- Washington Square
- Walking distance to Driscoll Elem School
- Block away from MBTA "C" Line
- Granite countertop, SS appliance
- Newer bath with glass door
- IN-UNIT washer, dryer.
- 9-foot ceiling
- Hardwood throughout.
- On the second floor in a gorgeous brownstone
- A screened porch
- Professional management
Return Rate 수익률
= (Annual rental income - property tax - home insurance - hoa fee) / (purchase price + closing costs etc)
= (48,000 - 6,657 - 3,045 - 6,132) / (725,000 x 1.03)
= 3,216,600 / 746,750
= 4.3 %
Conclusion 결론
It should be able to raise the rent, then I would consider making an offer.
렌트비를 더 올릴 수 있어야 한다.
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