Buying small condos units for the 55 and older.
Hello - I am about to close on a small Condo that can be leased immediately. Its on a 55 and older community and the numbers work real well. I've always thought about this in the past. I feel that in Florida there is a market (nitch) for this type of business. Anyway its a 1 bedroom 2 bath unit that needs about $1500 in re-hab. Paying cash 39k for it. Rent comps are $775 - $1000 per month. This Unit expenses are $405 a month and looks like it will rent for $850. In any event I like to get familiar with it and learn more ...then eventually my plans are to buy 2 more in the next year and so on..Unless the market spikes I like to keep and rent other than flip...
Any thoughts for a new investor?
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Issue will be Are YOU 55+ and does the HOA allow rentals?