Investing a condo in bad area? Los Angeles SFV
Hello I'm interested in purchasing a condo I seen in Panorama City in 8800 Cedros Ave, in San Fernando Valley county of Los Angeles. If anyone familiar with the area..
The price is $125k for 700 square feet with a pool and one parking. 9 out of 30 apartments in the building are for sale becusse (I think) special assessment to the Hoa for extra $160 a month for 30 months. I guess the owners selling becusse can't afford it and don't want the place to go to a Hoa foreclosure?
Seller would pay the special Hoa assessment from the sale. So the Hoa would stay low ($180 a month) and I think should be easy to rent for $1100 a month?
It's impossible to find street parking but the condo comes with one parking.
We looking to buy and use it as a rental investment property. Make money from the rent and hopefully the property will appericiate in the future.
Does anyone familiar with the area? And suggestion or advice would appericiated!