For those of you just joining us, this is the second post in a two-part blog series on Gray’s Pointe condos, specifically on recent sales and rental activity in the condo community. In my previous post, (which you can read here) I analyzed recent sales. As I mentioned, my client is interested in an upgraded 1 bedroom 1 bath Gray’s Pointe condo as a potential investment property, so now let’s look at recent comparable rental closings.
Gray’s Pointe Condo Comparable Rental Closings:
- 12895 Gray’s Pointe Rd. #A - $1,300/month
- 12927A Gray’s Pointe Rd. #A - $1,250/month
I think it’s reasonable to assume that an upgraded 1 bedroom 1 bath condo in Grays Pointe could rent for $1,300 - $1,350. 12895 Gray’s Pointe Rd. #A rented for $1,300 and it didn’t have hardwood or pergo, or an upgraded kitchen or bathroom. 12927A Gray’s Pointe Rd. #A rented for $1,250 and it didn’t even have any pictures on the listing, which at best means that it wasn’t marketed properly and probably could have gone for more if it had gotten more exposure, or at worst means that it didn’t look nice at all.
Assuming you bought a 1 bedroom Gray’s Pointe condo here for $195,000, put 20% down, and had a non-owner occupancy interest rate of around 5%, your mortgage payments would be around $840 per month and your condo dues would be $254 (current Gray’s Pointe condo association dues), putting your combined payments at around $1,094. Even though property taxes are fully tax deductible, you’d also want to factor those in for estimating cash flow. Taxes on this condo in Gray’s Pointe were $1,590 in 2013. Keep in mind these usually go up some when Fairfax County assesses a property after it sells. However, for the sake of this example, let’s use the taxes from 2013 and say that you would pay $133 in property taxes per month ($1,590 divided by 12 months). You’d also want to factor in condo insurance – this varies for different condo buildings depending on what the condo association’s master insurance policy covers.
I hope this analysis helps any of you who are considering buying a condo in Grays Pointe. If you have any questions about Gray’s Pointe condos or any other condos in Fairfax, Virginia, feel free to give me a call at 703-462-0700. I’m an experienced buyer agent who grew up in Northern Virginia and knows the real estate market in Fairfax very well.
If you own a Gray’s Pointe condo and are considering selling, call me so I can provide you with a free comparative market analysis. This will give you a better idea of the fair market value of your property and will help you decide if this is the right time for you to sell.
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