BiggerPockets

Not a great deal as a rental. Condos rarely are, thanks to the HOAs. 50% rule would give you $400-425 a month in NOI. Since you have $204 for HOA plus taxes and insurance, I have a feeling that's on the optimistic side. That gives you $4800 a year on a $65K (with costs) investment. That's a 7% cash on cash return.

If you fix it and sell it for $80K I'd take the money and run.

Not sure what you mean by "10% back to my IRA". If this is in your IRA and you sell it, you'll owe UBIT. I think 1st Bank will do 65% financing inside IRAs. But that's based on the purchase price. You'll have to wait a year to use a new appraisal. At least, that's the story I got in early 2009.

I hate condos and here is why. HOA!!!!
This is the way I look at it. Spend the same amount to buy an SFR.
The HOA is $204 (MINIMUM!!!don't forget those wonderful "special assessments" for new roofs, asphalt, front doors, etc)
If you or an investor is going to buy this, the $204 costs me this.
On a 20 year amortized loan at 7%, the $ 204 amounts to an additional 26K I could finance.
My question is, how much more house could you get for an extra 26K in price. What would that sfr rent for? My guess is more than the 800-850 condo. An investor is not spending any more in monthly expenses, just re-allocating it from HOA to P&I , and the benefit is more net dur to higher rent.
I repeat, I HATE condos. They're NEVER free and clear due to hoa, and you're holding a keg of dynamite waiting for the extra assessments. In these days with fractured condo projects, many of the condos in a project being underwater and not paying THEIR hoas, it is a bad risk,imo.
We recently had a 29 unit condo project in Naples area with a TWELVE MILLION dollar loan that sold for 800K.
Good luck, take the money and run if you can get it. Rich

Mike V- you made my point nicely. Rich
whats the car?? I'll take you to eat sometime in March....

Mike V.,
If you can look at something where you pay $750/mo HOA (I think this would be a flip or your personal home) I would think a 10k special assesment would not be a deal breaker. To get an HOA fee like that in my city your condo has to be close to or more than a million or be in a historical area where there is a ton of outside pait details, wooden storms, pools, cedar shake roofing, and 10 paint colors.

Well, I asked for input.............

I've been looking at SFH for the last year off the MLS with no luck; when I found one that made sense, a bidding war was ensuing. So I thought I would buy this one to get my feet wet and learn process, and to learn what experienced investors take for granted. This complex has a 75% owner-occupied; and seems to rent quickly. My plan was to rent for 2-5 years, then sell.

So others can learn as well...... how would you recommend the unload? Market is down, so realtor and IRA transaction fees hit the profit. Try a lease/option? Sell by owner (shudder....)? Something..?

Mike V. I understand getting rid of your car when kids arrive. I had my 3rd kid in Dec 1974. I traded in a 69 Vette with the big block 427 for an Olds station wagon! I picked up wife and daughter at the hospital in the wagon... It was sad.
The rest of the story---afew years later, I bought another 69 Vette with the even BIGGER big block 427. Wish I still had both today.