If you’re considering investing in a real estate property or multiple properties in Ocean City, Maryland, to generate rental income, how do you make the most of it?
Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty, gives rental investors a tip to maximize their return on their Ocean City rental properties.
If you’re going to look for an investment property to generate income or to repay debt on the property, then an Ocean City property is the way to go.
Entry-level condos that are ideal for rental investment with 2 bedrooms, 2 bathrooms, and right on the ocean are typically priced around $400,000. There are 2-bed, 2-bath rental condos in mid-rise—around 5-story—masonry buildings that are reaching the $600,000 mark. Three-bedroom condos can go around $657,000 to $700,000, depending on the age of the condo building.
Condo prices have definitely gone up, but investors can still maximize their earnings from rentals. Ryan believes that the highest and best use in the condo market, especially in the East Ocean City area is in the weekly rentals. Other spots in Ocean City, particularly the bayside, will get the best income if rented for the long term.
If you are interested in buying or selling a vacation or beach home in the Ocean City area, or anywhere in Maryland or Delaware, give us a call at 410.524.0919, and we’ll be happy to assist you in your unique situation.