Advice Needed: Off Market Condo Investment

[Adalberto Jimenez]

Hey everyone,

I was presented an opportunity to purchase a condo in this apartment complex. It is a unique situation because originally the developers were selling it as condos and after the market crash they switched it to just rentals. So now there are 5 condos owned privately and the rest is owned by the developers. Do you think this is adding value or devaluing the condo? There are no rental restrictions.

I would be acquiring this condo at a steep discount, and needs no repairs.

Zillow Zest is 293k i would be coming in at 200k.

It’s a 1bd 1bth. Im thinking I can buy it, refinance, then rent or Airbnb.

This is in Atlanta, GA. Just curious to hear other perspectives.

Thanks!