Looking for Advice in Journal Square Area

[Sean Cina]

I need some advice from area investors. I already own 2 units in the Journal Square area that have good cash flow. I'm currently under contract for a unit at 429 Fairmount near McGinley Square. However, I've been under contract for nearly 6 months because the HOA there has too many 60 day + accounts in arrears and obtaining financing has been a struggle. I've been trying to work with the HOA directly for updates, but this keeps dragging. The current owner of the unit (large property management company in Manhattan) also owns 7 other units in the building and is partially responsible for the HOA arrears. The selling agent, and seller's attorney are useless. And I've had my 20% down payment in escrow until June. The sale price of the unit (112k) is rather good for the neighborhood. My question is, should I continue to stick it out and wait for the HOA to clean up the financials, or cut and run and look for something else perhaps in the Greenville area since I may not be able to find something like this in Journal Square for that number now? Anyone, please chime in!