CONSIDERING A 1BR CONDO

[Dennis Mignone]

Hello, newby here:  With the current new, "floor" here in NJ, pretty much anything around $250-300K still needs $50K in reno, AND is going at list price, rather than the 70-80% I'd look to get it for as an investor.

I am considering a $149K 1BR condo, 45 DOM, (which I should be able to get for around $125-130K), and $200 HOA. I'd house hack, put down 5%, move out in a year, and with some upgrades over that year, I'd be in at about $135/140K, and can rent it for $1,600-1,700, well over the 1% rule.

I know I shouldn't buy a 1BR in general, but I'm not looking to flip, I'd hold for 5-10 years, maybe more.

Do the deal because the numbers work, or do NOT, because it's a 1BR?

Many Thanks!!!

Dennis M.