Advice on Homestead Condo Potential Purchase
Hi, everyone. I'm pretty new at this but I ran some numbers and they don't look that great, I just wanted to make sure I didn't miss anything.
Condo is a 2/2, recently remodeled, 1080 sq feet, in Homestead, FL, Naranja Boulevard area.
Asking price $87K, may offer $82K, 25% down ($20,500) 4% interest, 30 years.
P&I: $294
Tax: $137
Insurance: $103
HOA: $361....first red flag, it seems pretty high to me (it supposedly covers security, common areas, elevators, laundry rooms.
Rent: $1300 (potential), second red flag because it's vacant at the moment. Rents in the building run for about $900-1150, however, listing agent claims she already has interested renters at almost $1300
Assuming a more realistic $1200/month rent, the rest of the numbers would look like this, correct?:
Property management: $120
Repairs: $60
Capex: $120
Vacancy: $100 (8.4%)
So a grand total of about $1192 gone from $1200. Bad deal, or did I miss something? Thank you!