New search tool ranks listings by expected rental ROI

Rental site spinoff calculates 'cap rates' of investment properties

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"We're seeing a lot of foreign money and investors that want to park their money somewhere," said Lee Lin, co-founder of rental search website RentHop. "The joke is Manhattan condos have become the new world reserve currency." But as property values rise, investors can no longer "blindly purchase real estate and count on steady appreciation from the housing crisis," he said. That's why he's launched RealtyHop, a spinoff of RentHop that's designed to help investors home in on properties likely to deliver the best return on investment. The site's launch comes shortly after the debut of a similar service, "This is the right time to be doing this type of analysis," Lin noted. "The last five years you’d make a lot on appreciation." Now, he said, it's more about "will I actually get a good value, and how much would you make if you started to rent it out?” RealtyHop currently covers New York City only, but RentHop has plans to expand RealtyHop to other cities...