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Updated almost 3 years ago on . Most recent reply

User Stats

59
Posts
19
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Jairo Zapata
  • Chicago, IL
19
Votes |
59
Posts

Should I buy this unit?

Jairo Zapata
  • Chicago, IL
Posted

Ho all, 

A friend wants to sell me a 1/1 condo for $105k -sale by owner. HOA is $351 monthly and includes 2 parkings, Gas, heat, a/c and free laundry in the basement. Tax is $3098, and $25 monthly insurance. Potential tenant will only pay electricity. It could rent for $1200 - $1250. I am asking if he could install a W/D in the kitchen and try to get that for free. Still, I calculated monthly expenses at $1142 assuming an interest rate of 6% on a 30 yrs loan. Even if I rented it for $1250, it would only be 6% ROI. Pretty low right?

Thanks for sharing. 

Most Popular Reply

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1,004
Posts
2,100
Votes
Travis Timmons
  • Rental Property Investor
  • Ellsworth, ME
2,100
Votes |
1,004
Posts
Travis Timmons
  • Rental Property Investor
  • Ellsworth, ME
Replied

No.

My two cents - only by a condo if it is a slam dunk/no brainer or if it has a unique benefit - i.e. location, beach condo for personal use in addition to rental income, etc.

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