CONDO ANALYSIS-DELAWARE

[Tyler McCalister]

Initial Offer: $20,000
Seller Counter: $22,500
Special Assessment: $58,000
Total Cost after Assessment: $80,500
Taxes: $2,200/year or $183/month
HOA: $324
Rent Range: 1,200-1,400
Landlord Insurance:???
Tenant Pays Electric, HOA covers everything else
Comps: $140,000 $150,000

No Repairs needed, move in condition.

2BR 2 BA, looking to use as buy and hold. Purchase using existing cash then refinance and attempt to pull cash-out and pay for special assessment. Does this look like a good deal?

This is my first time looking at a condo, plus it is an estate sale and there is a pending special assessment to fix exterior stucco siding and associated moisture problems. Seller is desperate to sell. Original list @ $70k