Buying small condos units for the 55 and older.

[Victor Gonzalez]

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?