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Rent vs Mortgage for Investment Properties

I have been considering buying an apartment or condo to rent out as an investment property. Somewhere that is actually desirable unlike where I currently live in rural PA. So I am looking in cities or other vacation areas that are popular but that I also like myself so I can actually use my property at some point.

I was looking in Seattle, condos in Belltown specifically, and noticed that minimum to buy a condo is around $300k, which is going to come out to a monthly payment of about $2500 a month. But I’m saying rentals for the same places in the same buildings for $1600 a month. Some of those buildings with rentals for $1600 are selling the same sized condo for $400k, which is around $3000 a month with a mortgage.

In this case, is it even worth investing in the area? Mortgages are so high that monthly payments are much higher than rentals so in order to have the mortgage covered by a renter, you’d have to charge even more than the mortgage and the renter can just rent directly from the building for much less.

submitted by /u/dinoroo
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source https://www.reddit.com/r/RealEstate/comments/15x1o2b/rent_vs_mortgage_for_investment_properties/
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