Have someone who is going to be selling there apartment unit soon (next couple months) They owe around 45,000 and will go into pre for closure soon. Not on market yet. 180k 3 bd 900sqft . Needs max 25k renovation. Worth 240k new. The rent goes about 1750. Doesn't seem too worth it with rental numbers. Is it still worth it if it doesn't get sold. How common is it for people to buy and not rent there apartment unit?
In regards to numbers, if $240k is the rehabbed resale price in your area, you should be purchasing the property for $140k-$150k. That will allow you to have some equity in the property after the rehab. You can then rent it out or resell it. The renting question is very subjective to the property and market.