Condo rental for Office Business
Hi all, I'm new to real estate investing and I've been learning like crazy and one of the part is also practice on looking for deals and structure one.
Today I came across a Condo for office Business in Apt building in mls, so here's the detail ,
Asking price $220k, 350sqft with 4 room for examine patience, i think it was from doctor office or some sort. Taxes $2601, location is 1 min walk to subway station. Common charges $280. Rental for 1 br in the area for condo
I was thinking structure it for rental, with an offer of $200k -$210 using 30 yrs mortgage, 5% dp. Repair doesnt look that bad, just cosmetic like paint and stuff. plus it wont be a living space anyway. Rental around the area for that sq ft about $1350 to $1450
My questions are: do you think this a deal? if it is, how do you structure it to be a good one? based on your experience, how much more do you make on a property rental monthly to be a good deal?
thank you y'all