Buying my second property in miami

[MANUEL GONZALEZ]

Good afternoon to all the investors!!!

We have been looking for a property in Miami for about 6 months but the inventory is minimum. We like the zip code 33015 because tax and association are less expensive and it is a decent neighborhood and rents are high. My wife which is a realtor  found last week a condo back on the Market for 180K apprised value of 178K it is a 3-2  1315 sqft built in 2005 in perfect conditions and we call the seller and we could negotiated in $170K and the closing cost will be $1600. My wife as realtor will make the 3% commission so we will end it up paying around 167K. The association fee is $160, last year taxes $2200 Last two condos were rented for $1700 so I calculate I would be able to rented for $1650 easily (I have another property in the same are). the Cash flow after taxes, insurance, association, reserves for damages and vacancy is around $1200.

In your experience is this a good deal?

thank you so much for advise

Best,

Manuel Gonzalez

[Alex R.]

Manuel , I agree . This market is tough but here and there you will find decent deals. The market is tricky, are we in abubble ? overpriced? over heated? I have no idea, but it sure feels like it is. My Spidey sense is tingling lol