Need some advice

[Tom Albares]

I'm looking for a buy and hold rental property here in the Tucson area.  But most of the SFHs that I find are either going to auction or have already been flipped.  And once they flip, none of the rules of thumb work anymore.  They will barely make money.

So instead, what if I looked for a turnkey condo in a golf area of Tucson as a vacation rental instead. A realtor I am working with has an unlisted 3 bedroom condo in Ventana Canyon (a nice section of town) that has been used a vacation rental. Fully turnkey, fully furnished, $159,000 is the asking price. Rents during high season are $3500/mo (Oct - May). The rest of the year, it can draw $1800 - $2300/mo. I think the risk is higher with HOA fees and a more expensive property, but the rents are far greater. There is also the obvious risk it sits empty.

I would appreciate your opinions.  Thanks,

[Chris Walker]

I've owned a condo in this complex and I can tell you that the HOA there has turned itself around significantly in the past two years. The HOA fee may be a bit high, but you are getting your money's worth. I would warn you that, although the demand in the non-summer months for this complex will be quite high, you should account for little if no action action from late May through the start of September - just to be conservative.... Is the unit on the second floor? Which building is the unit located in?