price-to-rent ratio for a single property?
Was reading about price-to-rent ratio as a way to make the rent-or-buy decision but it seems to generally be applied to *regions* rather than to single properties. So was wondering if there's any reason it wouldn't be applied on a property basis.
if one finds a single home that is less than 15 multiples of its estimated yearly rent (e.g. zillow rent estimate) and the region's median rent, it wouldn't seem to matter what that region's median home price was. In fact, wouldn't one want to ultimately apply to each property separately?
I realize the region's PRR is useful as a way to estimate the likelihood you could find a home at a given PRR, and could guide someone's search for a *region* to relocate to, but kind of wondering why literature on the subject doesn't seem to discuss per-property PRR.
Thanks.