Real state investment beginner

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I have a limited budget for my first investment I’ve been looking . I just wanted to know if it’s worth it to buy a 55+ community condo or a one bedroom rental condo on a good location or a 3 bedroom in a so so neighborhood?

Short answer, it depends. 

Run the numbers. Talk to a property management company and see what rents and vacancies are for the area. Be conservative with your capex and repairs. A "so-so" neighborhood sounds like C class maybe, so I would probably expect you should be expecting a cap rate of 8-10%. A "good location" you would expect maybe 5-6% cap rate. Just depends on what class of tenant you want to deal with. Sometimes you get lucky with C class, but usually your turnover, repairs, and headaches are going to be a lot higher, hence the higher cap rate. The 55+ community limits your tenant pool so you have to take that into consideration. 

You have to decide your own risk tolerance and what kind of returns you want on your money. Personally, I look for C+ to B- properties and neighborhoods, 8% cap rate, and $250 per door after taking out all expenses. If you need help running numbers let me know :) Good luck!!