Investment Condos

[Joey Palmer]

I've always been under the mind set that condos were a bad investment, focusing on single and multi family homes instead. A (1) bedroom condo is going for $44k in a really nice building my friend owns condos in recently. I ran the numbers and the numbers are insane good; $900 with mortgage/insurance/taxes/condo fees, rent $1100 easy = $200 a month/ $2400 a year. Take out 15% for repairs/vacancies ($360/year). With a 25% down payment of $11k that would get me a yearly return on investment of 18.5%!!! Not to mention it's not tough on your debt. to income ratio!

Am I missing something?