Lets Play Deal Or No Deal!
Ok,
My wife has a listing thats in a popular Austin, Tx area. Its a one bedroom condo and she is listing it for 70k one just sold for 92k but the recent comps are at 85K it needs paint and carpet and is vacant. Rents are going for 850 for the 1/1 units but HOA's 200 Is there a deal here or no Im interested in hearing some feedback from the experts.
Also as investors what kind of words are most enticing to you I get "handyman specials", investor special" and motivated all the time. Is there anything that folks have heard that is creative.
Austinites I would really love to hear from you. The property is in area 2 right off of Anderson Lane.
Most Popular Reply
Without even looking into the numbers hard I would say it's not only NOT a deal but it is a BAD deal.
As Jon Holdman said it's an OK deal if you want a home to live in. It is not a good investment.
1) Rent too low relative to price
2) discount relative to market value not even close to a good deal.
3) Condo's can be tough to sell because of tougher lender scrutiny on condo associations.