Cape Coral 3/2/2 With Itsy Bitsy Kitchen

[John Thedford]

I can sign a contract today. Small 3 2 2 with just over 1200SF. Built 2005 or thereabouts. Can pick it up for 110K plus closing costs and it needs about 5K reno. Here are the issues:

1. Poor return if buy and hold due to assessments. Projected top rents of $1300 but tax bill of 5K due to assessments. So very poor return and buy and hold makes no sense. 

2. Tiny tiny kitchen with very limited cabinet space. I am afraid this will hinder a flip. New construction is priced around 180K so a 120K all in leaves a fair margin. Seller wants it gone the first part of December.

I don't want to list it. Either buy it or walk. The very small kitchen bothers me enough to question if I should buy or walk. Thoughts?