Hud Property In Tucson Az - Tax World Net

HUD Property In Tucson Az. For Outstation Students On Rental Basis

This is boom time for real estate in Tucson, Arizona. In such a scenario, HUD (US Housing and Urban Development Department) property on rent forms the cheapest one for outstation students. They can find cheap Hud Property In Tucson Az on rent by use of a multiple listing service (MLS).

By the way, HUD is a US government agency that strives to increase homeownership among minorities and US citizens from the low-income group.

Currently HUD property in Tucson, Az. that may be available on rent includes Menlo Park Apartments. It is a two-story apartment constructed in 1973 in the gardens style. It has 5 buildings with a total of 110 units put up on rent. The owners pay all utility charges. A single meter is used by them for this purpose. A single boiler chiller services all 5 rental buildings through water heaters.

There is a long waiting list for the above rental units. Menlo Park Apartments has operated as a Section 8 HUD property on lease since its inception. Its current owners are bound by a Housing Assistance Payments (HAP) contract that covers its lease to HUD till June 20, 2008. The owners had until Feb 28, 2008 to opt out of the agreement. It looks like they have opted to continue with the contract beyond June 20, 2008.

The agreement with HUD limits rentals to $500, $577, and $662 for single-bedroom, two-bedroom, and three bedroom units respectively.

Menlo Park Apartments is located on N. Grande Avenue on land with a total area of 5.53 acres in close proximity to the University of Arizona and Pima Community college. As such it is best suited for rental by outstation students who study there. Although some of its units (single-bedroom units) are suitable for unmarried students, about 73% units are two or three bedroom units. So, most of it is suitable for students with families.

The breakup of the rental units is as follows. There are 30 units that have one bedroom and a bath with an average monthly per unit rent of $500. Then there are 40 units that have two bedrooms and a bath. These have an average monthly per unit rent of $577. The balance consist of 40 'three bedrooms and a bath' rental units. Each one of the latter has an average monthly rent of $662.

It is situated slightly west of Interstate 10. The imminent future of Menlo Park Apartments is also considered good. This is because of the ongoing redevelopments in the Rio Nuevo project in the area.

HUD property in Tucson, Az is also available for sale. Students need to contact agents dealing in the sale of cheap HUD houses facing foreclosure especially in Tucson's Va or Scottsdale areas.