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That's a 65 yr old block home, on a small lot for $1,430,000. ....
I'm about to sell a commercial/retail building, 14,500 sq ft for just over $1,500,000. The annual rent is $134,000. (triple net, tenant pays tax, ins, maintenance) ... that's a capitalization rate of about 8.75% ...
The point I'm making is that to purchase that house for a rental investment you would need to find a tenant willing to pay $11,000. a month plus all expenses for you to get an annual return on your money of 8.75%
So what do houses rent for in that area?
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