patrick.net

EDIT: Utilities are responsibility of the TENANT! Doh :)

sounds nice. I wonder what The place is worth. $1200 x 12 monthsx 15 years= $216,000ish?

Does three season porch mean more than screened? (windows?)

Updated electrical is important to me. I like three prong grounded outlets everywhere, and of coarse GFI in kitchen bath and outside. you said updated K+B so it's all good there.

great rental price for CA for sure. not sure about your area.

Katy Perry says

Does three season porch mean more than screened? (windows?)

There are only 3 seasons in St Paul. Winter, blackfly season, and august.

Actually, much less.

Purchased in 3/2007 for $177k

Estimated Market Values:
2008: $145,600
2009: $133,800
2010: $106,300
2011: $102,400

This is pretty much on-par based on my research when thinking about buying a home last spring.
Most 3 bedrooms in any decent area of St. Paul seem to be $1300+

Oh, and:

Katy: A three-season porch is one that is brick-and-mortar w/ actual windows that have storms/screens and has electric power.

Bob: LOL

"Also, the landlord knows them well and can speak to them if there are any issues that arise."

That's a polite way of saying any problem with tenant the neighbors will be in touch with your landlord. :)

it seems like the price isn't a good deal for the renter but if you dont want to own a house there it may be worth it to pay the premium to rent.

toothfairy: Very true! But, one cannot underestimate the value of "good" neighbors.

According to the formula, it isn't a good deal for the renter. But, there are so many other things to consider (when thinking about renting vs buying)

We have no kids
We are both in Grad school and will likely move to greater MN in a few years due to the nature of our degrees
Renting an "luxury" apartment with just as much space/amenities is much more expensive
The home is actually $50 less per month than we are paying for less space in a duplex now, and we don't
have a garage and the basement is wet and moldy (to name just a few things)
Our combined income is $82k and we have very low expenses, so we are saving to buy with the most amount
down when the time is right

Another thought I have is that if the house we were considering renting was up for sale, there is no way it would be on the market for $102k. The lowest I can actually see it being listed for is 130k. And, it's just not heard of to see a house in this neighborhood and of this size for over 200k. So, theoretically, it would NEVER be a "good idea" to rent the home I speak of...

I just love areas of the country where it looks like a landlord can make a buck. And that's how it should be in a healthy market IMO.

here in Ca it's still touch and go in many places. That's why owners/ landlords think rents are too cheap. I'm waiting for the reset ( ha ha ha ha lol). 20percent drop from here. looks like it will take a decade or more.

CA Market in general (changing slowly)= Low rent compared to cost of home. so rents need to go up or prices need to come down. I know what side I'm betting on.