Condo's, I know its not MF, but....

[William Huston]

I have been striking it dry with my MF searches local to me, so i have been expanding my thoughts and wanted to get your opinion. There is an investor selling off/cashing out on what seems like most of his rentals. He has like 31 units for sale on the MLS all over town mostly condo's and villas. He currently has listed 5 x 1/1 condo's in a pretty nice condo building about 5 mins from my house. They are ranging from 22k-35k for the units with all already rented currently @ $500/month. I want to say $550 could be supported in the area, but i have never invested in MF or 1/1 units. So i wanted to get your opinions on them. With my current financing i could easily pay cash for the 2 cheapest units and finance the other 3.

[Bonnie Staples]

NOOOOoooooo - be sure to consider mandatory HOA fees

Just my opinion...

[Thomas S.]

You have not include enough info to make even a reasonably accurate guestimate but with rent at $550 once you deduct condo fees there is probably no cash flow.

Paying cash, $22K, worth 10% will reduce your cash flow by $183/month so between condo fees and value of equity not much room for all other expenses.

[Rey Orinion]

HOA + the inevitable special assessment. Boy, I almost made a mistake myself.

[William Huston]

sorry leaving out some of the info, they all have the HOA and Taxes listed as the same. HOA is $185/month and Taxes $453/YR.

I was just curious what all of yall thought. I am just not finding much of a deal near me in regards to MF, so i am assuming im going to have to start searching further out from my location. I was trying to keep everything within an hour of my house so i can manage the properties myself.