That sounds like a typical amateur landlord's snap judgment. No clue about building classes, property management, market, etc., but the naive dream of the dishwasher real estate mogul from Turm- or Badstraße.
So, we are not dishwashers, but I suppose dreaming is still allowed. I don't want to become a real estate mogul either, just use the property sensibly.
Given how the surroundings are described, a very good price for the building plot should currently be achievable. So before I venture as a novice landlord in a self-experiment, put up financial prepayment, and take a path that can be error-prone, I would simply flip the property here and sell it to the highest bidder.
Ask yourself how much additional return the landlord route needs to bring to justify the effort and whether and how quickly that can be achieved at all…
That is also an idea I will reconsider. The surroundings are exactly as I described.
What do you mean by description of the area? — I see a greenhouse in the plan excerpt and opposite a development that looks like agriculturally grown old stock; reading about a nearby daycare seems to me like the swallow that alone does not make a summer. I do not read a university and banking city or the like here, not even a hint of an educated bourgeois belt. The description sounds to me more like a location far under the radar of a real estate investor.
I will gladly send you the address by PM and then you can walk along with Google Maps and Street View.
The "greenhouse" meanwhile consists of 6 semi-detached houses, the excerpt is from ’95. The houses are from 2007/08.
That is all in total clearly more than we have here and prices are exploding here.
If I live quietly, can reach everything on foot, and yet have the train station in front of the door that connects me to a city in 5 minutes (what size ?), then that is not the sticks and also not under any radar.
The city I live in has about 660k inhabitants, about 34k of them live in the district and nearby area.
What does the offer for rental apartments in the area look like? Are good revenues achievable, or is there even an oversupply?
11€ per sqm can be achieved here, and demand is definitely there! There is no oversupply here.
Then let's just do the math to get an idea if it’s worth it.
270 sqm living space at 2,200€ = 600k€ + 100k€ for incidental construction costs etc. = 700k€ costs
270 sqm living space at 10€ cold rent (should be easily possible even in a small town) = 34k€ including parking spaces p.a.
That’s almost a 5% gross yield. Can be done well, even as a real estate novice.
A newly built building, 3 residential units with a total of 290 sqm, was offered by the local savings bank for 899k€. That was a year ago, and it is now inhabited.