Buy and Hold or Flip a condo?

[Glenn English]

I don’t own any rentals so this would be a first but I’m not sure whether to keep it or flip it. I recently purchased a foreclosed condo in New Hampshire. The tenant hadn’t taken care of the unit so it’s in need of about $9k in repairs which I’m working on. I paid 112,000 in cash + I’ll put in $9K for improvements = $121K.

Rents go for about $1400. There are 12 units in the building, all 2 BR, 1ba. Heat and hot water included in rents. $270 HOA fee. I could cash flow about $400 a month after doing a cash out refi or flip it and net about $10k and find another..I know the smart answer here is probably to hold it, but I'm trying to accumulate some capital so I can continue to invest in flips and eventual more buy and holds. I'd be leaving about $8-10k into the condo and flowing about $400 a month which isn't too bad.

Thoughts?