Is BRRRRing Condos a Thing?

[Lyric Todkill]

Good morning Houston,

I'm a newbie investor with a single family home rented it the Westbury area of Southwest Houston. I have a potential deal on a condo in a great neighborhood near the medical center, but have no experience with condos at all. I'm wondering if anyone BRRRRs condos, and if so, are there any pitfalls to consider compared to BRRRRing SFH or multi family properties.

2/2 1100 sqft condo

$15K down (25%)

$15K rehab

$110K ARV

I've never refi'd a condo before and am curious how it compares with refinancing SFHs. Do lenders look at them any differently? How much should I expect back for my next deal based on the numbers above? I was estimating 75% of the forced equity ($50K) which is around $37K.

Thanks for your time.

Lyric