Need Help With Decision
Hey guys,
I found a 1500 sf 4/2.5 condo in a good neighborhood that I feel might be a good deal. Here's what I have:
Price: $89,900
Rent: ~$1500
Estimated Rehab:$5,000 (I believe this to be higher than what it needs): already has stainless steel appliances, new carpet, nice wood floors, granite in bathrooms/kitchen, etc...
HOA fees: $432/month
Property Taxes: $60.20/month
Insurance: ~$30-$50/month
Finance: conventional loan with an interest rate ~5%
Property Management: $100/month
Repairs/vacancy: 10%
ARV: ??? (I don't have good data to compare)
I'm new to investing and I have no experience with condos. I estimate a net monthly cash flow of $300-$400/month. What do you guys recommend? Anything helps :)