Should I Purchase Unwarrented Condos

[Chris Luger]

Hello BP Community! Embarrassingly this is my first post.  I wanted some advice. I've been looking into Multifamily Residential properties.  Many of the properties have been pretty beat up, and I'm not experienced enough to do any major rehab projects. Minor stuff if cool. 

I recently came across a two unit Multi Family 55+ (it's two units of four within the building) 

I was blown away by how nice it was. Very well maintained and in really great shape.

The other two units is owned by a resident whom lives there, and takes care of all the maintenance.

All of the maintenance (snow, lawn, common elec, water sewer) is covered by an HOA fee of about $250 per unit.

I've discovered that this is an unwarrented property, and there for I wouldn't be able to get typical funding, and would have to look to a private bank or credit union at a higher rate.

Basically, If I do move forward with this property. I'd cash flow about $150 per unit. Not a lot. However, it is almost like a turnkey, and wouldn't take much involvement.

The main question, would this really put me in a bad situation later if I would ever want to sell the two units? With unwarrented property, would I need any additional insurance on the property? It currently has Hazzard only. 

Has anyone had experience with something like this? Would I be better off using a down payment on another opportunity with greater cash flow potential? 

Any thoughts would be greatly appreciated.