Condo Deal for rental what are your thoughts?
Hello was considering a possible condo purchase. The condo is a 2bed 2bath first floor unit. Its in a good area and needs minimal rehab- new carpet and paint. Probably 2k in rehab- unit has all appliances included that are on the newer side. . Looks like I have a decent chance of getting condo under contract for 28k. These condos sold for 100k range in the best of times. And they sold around 20k a few years back in the worst of time. Also includes carport and basement storage plus condo has community pool. The HOA fees are $225 monthly. (includes water, gas and exterior maint.) The yearly taxes are 2000. And assuming insurance around 500 yearly. which would put total costs at $435 monthly for HOA +taxes and insurance. I would be able to safely rent between 800-825 monthly. What are your thoughts. I know alot of negative might come out of this because its a condo. And I also checked complex you can mortgage conventional there but no fha. Just checking for resale down the road. Just a little worried about appreciation with condos and being harder to sell down the road. Have only had SF homes. But not spending a fortune for the place and no exterior maint. for me! Thanks for reading....