You can NEVER sell that property in this lifetime as it will never be worth the purchase price and that's the problem.

p_action=doc&p_docid=14BE2100C5CA50A8&p_docnum=2 I have heard of some nightmare quotes for some properties though.What gets me is how the mortgage co can insist you carry full flood coverage even though the mortgage might only be a small percent of the home value.

The minimum required down payment when buying a primary home is typically 3.5 percent of the sales price, which will allow you to get a FHA Loan. 

Maybe not even in my lifetime.

This yields a percent and the typical max BER is 85%, in other words required expenses can be no more than 85% of total actual revenue.In the example above the BER is 84% or pretty close to the max.

curiously, where is everyone coming up with this 25 percent down?

Five to six for commission, one for closing costs, a couple of percent for pest repairs or whatever.

If the first mortgage was recorded prior to April 1, 1992, the super lien will still be operative if the condominium declaration made reference to future amendments to the Florida Condominium Act (Chapter 718).The amount of the "super lien" is the lesser of: (a) unpaid common expenses and regular periodic assessments that accrued or became due during the six months immediately preceding the acquisition of title; or, (b) one percent of the original mortgage debt.The one-percent limitation does not apply unless the first mortgagee joins the association as a defendant in the foreclosure action.

Luke M. you forget some of expenses - Vacancy, Maintenance, CAPEX repairs, and property management (even though you said you do this yourself I would recommend running the numbers with a %10 PM feeUsing the SFH rental spreadsheet from BP, i get the followingMaintenance and repairs $1020 ( 10 percent a month)vacancy 8.3 (1 month ) 850PM 1020total expenses (non PI 5278 ) about 50 %NOI 4922PI 304cash flow 1278 ($106 month)cash roi 8.24 %if you do you your own PMcash flow goes to 2213cash ROI 14.28%also recommend you include what closing costs , and how long you think it will take to do repairs and get it rent ready

Though your assumptions are low, the real problem as I always saw it was putting the 25 percent to sleep in exchange for questionable cash flow every month.