Updated over 9 years ago on . Most recent reply
College town condo advice
Hello everyone,
I'm new at real estate investing but a real estate agent gave me a idea and I been pondering it and actually missing some deals I believe. I live in a big college community. I have opportunity to purchase a 4 bedroom 4 bath condo for 99k and of course price varies around that range depending on condition. In this market we rent each room for between $375 to $425 per room. Giving a monthly income of $1500 and $1700 depending on rent. The only catch is the HOA is $260 a month plus $65 hazard insurance plus $200 cap for utilities water and lights, internet comes in HOA dues. Mortgage around $400 with 20% down. I have a great handy man/ contactor for help. So totals due out is around 900-1000 dollars . roughly cash flow potential is 500 to 700 dollars. So my question is does this sound about right am I missing some things or what..I did caorate and things like that but wanted some real opinions or thoughts.