First Buy and Hold in Orlando
Hi All,
I'm about to put in an offer on a 2bdr 2.5ba 1227sqf condo in Engelwood, Orlando.
https://www.biggerpockets.com/...
Facts and features:
Price: 139k
Price per sqft: 113
Est. Rent: 1300/month (real estate agent ran comps)
Taxes: 1900/yr
Insurance: less than 80/month
HOA: 177/month (incl. exterior maintenance and roof repairs)
Downpayment 20% plus estimated 5000 in closing costs. The seller said no sellers credit and already declined low offers.
I have 20k in cash and would borrow the remaining 13k from my 401k.
The entire place has been remodeled with hardwood floor throughout, quality appliances and counter tops, nice bathroom, nice craftsmanship overall.
There is ample storage, a washer and dryer included, and a small patio with utility shack outside. The community has a pool and a jacuzzi and looks clean in general.
10-25 minutes to 3 different campuses, 20 minutes to downtown.
Now the cash on cash return is lower than what Brandon Turner advises (6% minimum) but Orlando being the fastest growing city in America and this property being basically headache free this may make sense. What do you think?