FL Condo Deal, Would You Take it?
I have a verbal contract for a 2 br 1 bath condo. This is my first investment property purchase so I am analyzing the heck out of it and looking for advice from the experienced community.
Purchase Price: 65,500
Income: currently at $750 lease through Oct. Rentometer and research suggests that this is low. I can get 800-850 for this unit.
Expenses: Taxes:850; Assoc Fee: 840/yr; self managed.
Repairs: The property looks good, but I have yet to do an inspection. It looks to have had tile floors and paint and appliances not too long ago. I am assuming only regular maintenance costs 5-10%/year.
Financing: The seller is offering financing. I am looking at a 25% down, 6% interest, 40 year amortizing loan for a payment of $270/mo.
Thanks in advance for your input.
Nate