I have a 2 yrs old condo (2bd,2.5bath,1c garage, 1176sq ft, partially finished bsmt) in Pontiac, MI that I want to sandwich lease with the option to purchase. A condo in the same community sold for $146K. Would I be asking for too much if I listed the condo for $160,600 on a 2 year lease with 30-45% rent credit of $1300-$1500/month? The condo mortgage is $1000/month and the neighborhood is growing rapidly.
I came up with $160,600 based on 5% appreciation/year, since the condo was purchased at $131,900 2 years ago.
I don’t know anyone personally that has done this, so I’d really appreciate your help.