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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Definitely only exists to be a rental home. It looks very very typical as a rental which is why it probably gets good reviews, but there's a reason the owners want to get out. [/quote]

OP here. Why do you think the owners want to get out? It seems like these homes are booked throughout the year. [/quote]

OP have you ever owned a rental property before? We own in OBX. I don’t personally like Corolla, so would never buy there. This house is clearly overpriced. These big houses get used HARD by renters. If you are not an experienced owner, I would strongly suggest starting with a smaller home and make sure you like it.

There are ups and downs in the rental market. OBX has returned to pre Covid rental levels. At the same time, costs especially insurance, have significantly increased. This has left some owners who bought thinking rentals would stay at 2021-2023 levels scrambling and needing to get out.

Our average cost of ownership on a house half the size of that one is over $50k a year with a $500k mortgage at 3% interest. We put a lot of cash down and kept the mortgage under a jumbo at a time when interest rates were much lower. Whatever you do, don’t overextend yourself financially. Make sure you can pay for the house without renting. Rental income definitely helps but if you are relying on it to pay the mortgage, you will be stressed out all the time and it might not happen.

Maintenance on beach houses is much more than a regular house in the DMV. The salt air is much harder on things like hvac units, windows, roofs decks and siding. You replace them almost twice as frequently. It also seems like there is always some issue with either the pool or the hot tub. You would think things would be cheaper than the DMV but they aren’t. There is nowhere for workers to live that is affordable, so prices reflect their costs. Everyone needs things fixed at the same times so it also drives prices up - basic supply and demand.

We love our house and have no regrets, but we did a lot of research and really knew the area before we purchased. HTH. [/quote]

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