Looking for Advise, 4 Condos, 32,000 a year income

[Bil Casimir]

Looking for advice from the BP community. I have never purchased condos but I am thinking about this opportunity. Any advice would be great.

4 total units for sale
Three Units: 2B/2BA - 1,424 sq. ft each
One Unit: 3B/2.5BA - 1,720 sq. ft.

2B - rent for $650 each (can rent up to $700)
3B - rent for $750 each (can rent up to $850)
Minor repairs needed

Total Rent Per Month- $2,700 ($32,400 yearly)
Asking Price - $99,500
Gross Cap Rate - 28%

Property Information:

Glenwood Village
4 units all in the same Building
Building G Units 1, 2, 4 and 5
HOA - $221.25 per unit (covers trash, water, grounds and outside lighting)

[Percy N.]

28% cap rate is excellent but also depends on area, fiscal vacancies, etc

Make sure you review condo docs and understand that the bylaws could change and usually they are not in favor of investors.