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Trace Loft rentals on Craigslist

September 13th, 2007 · Comments · By Matt

With close just around the corner it’s not too surprising to see the investors starting to advertise. Maybe I shouldn’t have bought and just rented either of these. Both are west facing units that I considered buying.

$2850 / 1br – Large-View Apartment near First Hill, Seattle University and Pike-Pine

They say it’s 1200 square feet and it’s on the top floor but the only 1200 square foot unit is 2 bedrooms? It looks like unit 502 but that unit is only 812 square feet. I’m confused.

010105010207010301200709139e043324bc1799b9f3002222 Trace Loft rentals on Craigslist

$2100 / 1br – Loft Living at it finest!!

Looks like unit 304.

Popularity: 5% [?]

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  • Rachel
    I don't even know how they are covering thier costs on a 5th floor unit at $2800...
  • jo
    my guess is that they are including the deck as part of the sq footage
  • kpom
    "$2800/mo! Amazing"

    It remains to be seen whether this is a "wishing" rent or an actual rent that somebody is willing to pay.
  • christiangustafson
    $2800/mo! Amazing. Only a couple of years ago I paid $1400/mo for a 2-level loft with a private deck at 215 2nd Avenue S, in the heart of Pioneer Square.

    Great place to live, loved it, hung out downtown, walked to my job, went to a lot of Mariners games. For $2800/mo in rent, jeez, I want something truly special, like Mercer Island waterfront or a killer view penthouse.

    Heck, a paltry $800/mo had me 45 stories right above the Chicago River throughout most of the 1990s.
  • I'll find out next year :).
  • James B.
    I included HOD of $298/mo in the above calculations.

    Anybody know the tax code with deducting interest in investment properties?
  • James B.
    I'm don't know much about it but I believe you can deduct interest payments from your income derived from the property. So, minus interest payments, you would show a loss on the property and deduct that loss from your overall income. That's my understanding anyway.
  • HOAs are $300/month and I believe all utilities are separately metered.
  • seattle67
    Also have to include homeowners dues in the cost estimate.
  • Actually my records say $470k.
  • I can't find the original price of #305 but it is likely $425-$450k. Though isn't the income tax deduction only for your primary residence?
  • James B.
    Anyone run the numbers to see what the investment looks like? Looking at #304...

    I don't know typical investor financials (assuming 20% downpayment, taxes of $2800/yr, current 6.5% interest rate for primary residence, 33% income tax rate) it looks like a $2100 rent covers a $450,000 price tag -- after benefits of income tax deduction from interest payments.

    Not sure what the interest rate would be for an investment property -- it would definitely raise the carrying costs. Is $450,000 high or low for the likely sales price of $304?
  • kh
    you'd only be saving a couple hundred $$ every month though!
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