Advice Needed: Off Market Condo Investment
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!