Buying single units from an apartment complex

3 Replies

As I’m just staring out and Im not wanting to get too far over my head, I feel like this is a good learning point. What do you guys think about buying single units from an apartment complex?

The units are $34,000 for a 2 bedroom 1.5 bath 942sqft apartment. Monthly assoc fees of $138.25. Rents for $585 a month.

Here’s the info from them.

"Bright and clean and move in ready! This great 2BR Condo in Briarwood has spacious BR's, fresh paint, covered patio with steps to pool, laundry and storage spaces are just a few steps from condo front door. Reserved parking spot for the unit. Enjoy maintenance free living and relax pool side during the summer months... Appliances included! Very pleasant community close to shopping and bus... HOA does not allow dogs."

@James Dunn - by "apartment complex" do you really mean "condo"? 
Also, your calculations need to include taxes, vacancy and a little for maintenance. My estimate is that the numbers look good. One thing to watch out for is if this is a apartment converted to condo, sometimes developers have very low association fees to attract buyers. Once they're sold, the fees go up significantly. 

I thought about doing that but it makes me to nervous. Condo's don't appreciate in value like a single family home. How is it maintenance free? If you own it, aren't you responsible for maintaining it? If the roof goes bad, who pays for it?

@Tchaka Owen @Alan Pederson Thank you both for the information you have provided. I’m assuming that the on staff handy man would take care of the ins and outs? I can’t imagine they would pay to fix major issues. There are a lot of questions I would be asking them if I went forward. You two have brought up some really good ones, thank you!