I am interested in a condo a few blocks from a beach in East coast. 3beds/2baths, listed for $250K (valued at 650K in 2005). HOA is $215. Rental may mostly be good for the summer (3~4 months), $800~1200/week. Plan to put 25% down.
Pros:
Can be used as vacation house in the future (after retirement)
Potential capital gain in future (10 yrs down the road?)
Cons:
2.5 hour drive from my house
Possibly little or No cash flow
Week to week rental may be too much hassle (work)
Is this a good investment?
Anyone with a beach house for rental, please share your experience.
Thanks a lot for your input.