All Forum Posts by: Lauren Dwyer

My in-laws are currently renting from a condo owner. Recently, the owner let them know that he wants to sell and needs them out (or buying, $200K) by the end of August (also the end of their lease). My in-laws don't want to move, therefore, they decided to make a counter offer of $190K. My first thought, was maybe my husband and I should buy this for them. It would be an "easy" first deal for us; good renters, good location, off-market transaction. However, when I did the math, I wasn't so sure anymore. If we buy this condo at $190K, we would net $3,384/yr in CF. The CCR would be 7%. In everything I've been reading, it sounds like we should aim for a CCR of 8-12%. Also, the HOA is about $400/mo which takes about $4,800 away from us in what would be our otherwise annual CF. How do I know if this is a good deal for us? Thanks for your time!