Investing at age 19

[Ben Thomas]

Hello everyone!

My friend and I are looking to invest in a rental property in our hometown. We are both 19 and have the money for the downpayment and would have one of our parents cosign the loan (They have near perfect credit. The property (Condo, 12 units total) is listed at $38,500 and we think that we can get it for around $35,000. Market rent is around $600-$700 for similar 2 bed 1.5 baths in the area. We also calculated an almost 50% cash on cash return. Does this look like a good buy or should we be very careful about HOA fees and other expenses? I would love to hear any advice!