Answers by Tyrell Taylor

Before buying either one, estimate the rent you can reasonably collect, then subtract the mortgage, taxes, insurance, HOA dues if any, maintenance, vacancy, management and a reserve for major repairs. See whether the property still works if it sits vacant for a month or needs an unexpected repair. Treat appreciation as a possible benefit, not the plan for covering a weak rental budget. For a condo, review the declaration and bylaws, rental restrictions, current budget, reserve study or reserve balance, meeting minutes, insurance, planned repairs and any special assessments. The association’s condition can also affect financing eligibility under Fannie Mae’s condo project rules. For either property, keep a repair reserve and remember that tax treatment differs for repairs and improvements. A condo may fit if its rental rules are clear, the association is financially healthy, and the rent comfortably covers all costs. A single-family home may fit if you want more control and can handle the larger repair responsibilities. The better first rental is the one with sound numbers, steady local renter demand and risks you’re prepared to manage.

Those features could make the property appealing, but I’d need a few more details before recommending an asking price. What town and county is it in, or do you have the property address or parcel number? I’d also want to confirm road frontage and access, zoning, available utilities, septic or perc status, flood or wetland concerns, and whether the land can be subdivided. I’d compare it with recent sales of similar vacant land nearby and account for how much of the 3.5 acres is actually usable. The adjoining housing development may affect how buyers view the property, depending on the boundary, zoning and potential use. Once I have the location and parcel details, I can give you a more reliable price range.

Mandatory!!!