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Originally Posted by Bobert
If you own your house then buy a rental property for cash again. You should at best get $1k/month from your rental if you buy it for $350k!!!!
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Good idea. Good tenants are the key.
I live in Connecticut, and rent in my area (by Greenwich/Stamford/New Haven) is $2k+/month for any place you'd remotely want to live in -- and if it's a house, figure $3k+/month if you want something even HALF way nice .. about $5k+/month for something you'd invite someone over to.
Rental property of a decent level starts at about $500k and scales on up from there, if you add multi-family style dwellings.