Trace Loft rentals on Craigslist

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.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • http://www.designlines.wordpress.com kh

    you’d only be saving a couple hundred $$ every month though!

  • http://www.designlines.wordpress.com kh

    you’d only be saving a couple hundred $$ every month though!

  • 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?

  • 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?

  • http://twitter.com/mattgoyer mattgoyer

    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?

  • http://blog.mattgoyer.com Matt

    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?

  • http://twitter.com/mattgoyer mattgoyer

    Actually my records say $470k.

  • http://blog.mattgoyer.com Matt

    Actually my records say $470k.

  • seattle67

    Also have to include homeowners dues in the cost estimate.

  • seattle67

    Also have to include homeowners dues in the cost estimate.

  • http://twitter.com/mattgoyer mattgoyer

    HOAs are $300/month and I believe all utilities are separately metered.

  • http://blog.mattgoyer.com Matt

    HOAs are $300/month and I believe all utilities are separately metered.

  • 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.

  • 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.

  • 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 included HOD of $298/mo in the above calculations.

    Anybody know the tax code with deducting interest in investment properties?

  • http://twitter.com/mattgoyer mattgoyer

    I’ll find out next year :).

  • http://blog.mattgoyer.com Matt

    I’ll find out next year :).

  • 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.

  • 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.

  • 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.

  • 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.

  • jo

    my guess is that they are including the deck as part of the sq footage

  • jo

    my guess is that they are including the deck as part of the sq footage

  • Rachel

    I don’t even know how they are covering thier costs on a 5th floor unit at $2800…

  • Rachel

    I don’t even know how they are covering thier costs on a 5th floor unit at $2800…