4 Condos in Houston, Great Cash flow - Why won't they sell?

[Matt McConkey]

Good Afternoon Fellow Investors,

I'm a wholesaler with what I feel like is a great opportunity on paper, but no one wants it and I'm wondering what I'm missing here.

I've got four condos under contract in southeast Houston. All in the same building. Not the best, nor the worst neighborhood. (3) 2/2 and (1) 3/2.5. Rent is $2,700 a month, could be $250 more a month.

Selling for $109,000 = 29% gross cap rate.

HOA is on the high side, $225 per month per unit, but that covers water, trash and outside maintenance. Taxes are low, turnover is lower.

Comps are hard to come by as well. There are two units selling for $25k per, then 8 units selling for $35k per.

Am I missing something here?