Berlin new-build rental at €165,600 and €869/month after 50 days — what am I missing?

My decision rule would be cash flow first, yield second. If modestly lower rent, one turnover and higher borrowing cost make the annual cash figure negative, 6.3% gross would not compensate me.
 
After all these replies, the next step is fairly narrow: establish cold rent, all-in acquisition cost, owner-only annual charges and financing terms. Until those four are known, choosing a target net yield is premature.
 
Yes. Once those figures arrive, calculate net operating income without debt, then cash flow after debt, then repeat under a combined downside case. If the deal still works without relying on resale appreciation, it has passed a much more useful sanity check.
 
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