Investing in condominimum in high-rise

[Julia S.]

Hi investors! Would you in invest in a single condominimum in high-rise with high assessment? What are the pros and cons?

Here is a little more information about the deal: good area in Chicago, close to the lake. After all expenses, net rental income will be maybe $300.00, but property might appreciate. The average 2b/2b in the same building are ranging from $260,000 and up to $400.000. Since it's REO I can get it for $225,000 (will need some work inside), taxes about $2700, assessment $600, rent varies from $2200-$2500. I am not sure it is a good investment, and honestly, I'm scared due to a high assessments. Any thoughts / expirience with rental properties in high-rises? Thank you, Julia