THINKING ABOUT CONDO -- A GOOD DEAL (FOR CASHFLOW)?

[Steve Heffner]

Hi, 

To get my feet wet, my first buy might be a condo I found. I live in NY so yes, taxes are high in my area . When I use the BP calc it all makes sense on paper.  Any advice would be much appreciated. Especially after reading 

Condo in very good shape in desirable community with a good reputation.  1/1, 970 sq ft. Can purchase for 58K as is. Would put in 10-12K for reno (kitchen and bath). Units with updates have sold for 78-83K in the past 18 months.  Updated units are currently renting for 1175-1200. Even if I rented for 1100 it's positive CF.

Attached is screenshot of BP calc. Like I said taxes are high in my area. HOA is 268. Development has great pool and it's a very clean property, well maintained, with many units (in the event of special assessments).

After reading Ben Leybovich's article, I'm being cautious. 

Thanks, all!

Steve