I am looking at a condo 2bd 2 bth 1440 sq. ft.
120,000 purchase price
20 % down 30yr (515.35 month)
125 hoa month includes garbage, water, sewer, and lawn care.
200 annual for pool (optional)
Rent at 1050 plus hoa
This is in a great neighborhood
any comments would be great. This has just been renovated.
There is also a sfh for 120,000 in a good neighbor hood but would need about 15,000 in updates. I am trying to compare the two and so far insurance and ease of care seem to be the big question marks.
any input greatly appreciated
Personally, I will never do condo deals because of the HOA - Make sure you read every single bylaw and notes from the past few meetings. Some HOA do not allow rentals or have crazy rules if you do. Also read the meeting notes to find out about any upcoming capital improvements which would issue a special assessment.
I'd skip the condo. It doesn't meet my 1% rule (1 month's rent > price/100).
The HOA fee will kill this deal even farther.
I would like to hear about the SFH deal. That one might make you some money.