Help - My first offer: Should I buy this condo

[Valerie Jean McCloskey]

1B1B 900 sq ft condo in Canton, MI

Asking price 145,000

Current tenant in place till June 2022

Monthy Rent $1,200

Seeking advice: If I offer $120,000 with 20% down wait till current tenant moves out in June 2022 then raise rent to $1380. Would this be an OK deal, good deal or bad deal? Taxes $2165, HOA $3300

This would be my first purchase of real estate.    

Thank You,  

Valerie from Michigan

[Jason Wray]

Valerie,

Have you considered buying an SFR instead of a Condo with HOA fee's? As long as the building holds a high occupancy rating and you can keep a good renter. There is a profit to be made...