Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal



Real Estate Classifieds
Reviews & Feedback
Updated almost 3 years ago on . Most recent reply

Should I buy this unit?
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

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.