condo near university and other amenities
Hhi everyone. Its Nico from Winnipeg, Canada. Been a couple months since my first introductory post. I am ready and about to look for my first deal. I just wanted to get some opinions from you guys out there about the idea. Please feel welcome to share any of your opinions, knowledge and expertise!
For my first deal I am thinking about a condo near our city's university. My city right now is in a "buyer's market" and a lot of the condos are going for between 150 to 200k in the area of interest. I figure this is due to quite a bit of new condo buildings that have popped up over the past couple of years and he prices on he older (1970 to 1990s) condos fell a little lower than before. That made me feel like it is a good time to get one for a great deal. I have seen some go from 170 listed to selling below list value at 155ish.
I have not narrowed it down yet to any specific properties. I have about 50k for down and was planning to put 25% as suggested by my mortgage broker to make e deal as smooth as possible. Therefore puts my range for about 200k or lower.
What do you guys think? Are these condos going to be a decent buy? I have analyzed a few financial info and they will net about $100 of positive cashflow a month. I'm looking at buy and hold. I don't want to invest in just a hope of appreciation, but at the same time I'd like to have the cashflow make sense and be positive.
Are one of these condos the right choice for my first investment? Or should I look at some older duplexes in "not so good areas" for that price range for the cashflow?
Please, any thoughts opinions or feedback would be appreciated and if you guys need more info from me before u can give opinion, just ask and I'd be happy to explain more detail.
Thanks!
Nico