We did the renovation ourselves. After 10 days of marketing, we had over 50 contacts, 6 visits, and an accepted application. Tenants moved in August 10, 2019.
Purchase Price: $51,000
Down Payment: $10,200 (20%)
Renovation: $7,000
Rent: $895
P&I (15-yr): $317
Taxes & Insurance: $111
HOA: $171
Vacancy, Repairs, & CapEx: $200
Net CF: $96

What made you interested in investing in this type of deal?

We had been looking at SFR and multi-units for our first deal, but a family member announced they wanted to sell their condo. We took the opportunity to use this as our 1st "education" deal.

How did you find this deal and how did you negotiate it?

We agreed with our family member that their predicted sales price, minus any renovations, cleaning, and realtor costs was a fair deal for both of us. They got to forego the headache of selling and we got a little discount.

How did you finance this deal?

We had to go through a small bank with a 15-year portfolio loan due to some condo zoning issues.

How did you add value to the deal?

We didn't change the layout, but almost every square inch of this place was new or painted. We tore out all of the old carpet and replaced with waterproof vinyl plank flooring. We tore out everything in the bathroom and replaced with a new tub, tile surround, vanity and fixtures. We painted the kitchen cabinets and added a new counter top and fixtures. In everything, we kept a modern theme, matched throughout the place and trusted that the pictures would attract great tenants.

What was the outcome?

We were able to increase the rent 38% from $650 to $895.
We should be able to make a small positive cashflow on a 15-year loan.

Lessons learned? Challenges?

Condos have pros and cons. While many highlight the cons of HOA fees and potential single assessment charges, here are the pros that we encountered:
-Everything was easy to replace, standard size appliances and cabinets.
-We don't have to mow the grass or do much of any upkeep.
-Insurance is cheap since the HOA fee covers a lot of the structure insurance.
-Many renters are already expecting an apartment style setup.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I would recommend the bank we used if you NEED a porfolio loan, but otherwise we like our other banks much better.