We are extremely pleased with the location we picked for our apartment.
We usually look for the cheap ones in great (hence expensive) locations: we are walking distance from a beautiful park, from a Publix, close enough to my workplace that I can walk there in the winter.
It's a 2br 1200sqf that costs about 25-30% less than the other 2br in the area (that are usually much bigger, around 1800-2000sqf).
To me, 1200sqf for a 2br is already massive.
DW and son are already back in Italy for the summer, I miss them very very much but luckily will be there in a little over a week and stay for close to a month.
Work is doing ok, clearly the toughest assignment I've had in my life. The business is very profitable but expectations are high and there are headwinds to growth as prior management REALLY messed up and we have many issues to fix. Will get there eventually, but I'm working like a dog.
We jumped on the opportunity to buy a small (650sqf) 2br on lake Como. It is located about 25 mins from the city, in a condo with swimming pool and access to the lake. One can easily get there by boat (public transport) as the town it's in is one of the main ones on the eastern coast of the Como branch, so all boats stop there.
I know this condo very well as we had looked at a couple apartments a few years ago. Most apartments tend to be underpriced when they sell as they aren't a great fit for the two types of people who are usually looking to buy:
Type1: the locals who actually live on lake Como. These apartments don't work for them as there are a lot of unnecessary expenses (there is a live-in doorman, there is a pool). The $$$ amount is not huge in absolute value (we will pay $2000/y in HOA fees + heating) but it is higher than the standard 'local" apartment (usually $500-1000 at most).
Type2: the foreigner looking to buy on lake Como. Also doesn't work for them as most foreigners looking to buy on lake Como are the multi-millionaire types (Americans being the biggest %) that want either a Villa, or a bigger and more luxurious apartment (think $1M and up).
another great feature is that it was remodeled a few years ago, and the sellers will leave all the furniture for free (and it's pretty good quality).
Including all closing costs we will end up paying circa $155k.
Short term we will go there during the summer as the lake is beautiful (it's famous for a reason).
We will make it available to our families during the off season (one of my two sisters in particular love the lake during the winter) in exchange for them paying some minor costs (ie wifi or electricity bills).
The plan is to use it as a rental when we aren't there and the fam isn't using it.
During the high season of July and August we should be able to easily bank $150 per day (so 100-120 net of tax), the expectation is that rental income should at a very minimum cover all costs, taxes and upkeep.
Long term this could become our summer/weekend home, or be a source of some side income should SHTF (the lake keeps getting more and more expensive).
Some pics:
