First time buyer - Orange Beach AL STR

[Ben Cogdell]

First time investor with a 2bed/2ba condo offer accepted for $475k (20% down with 6.75 10yr ARM) in Orange Beach AL. Currently in due diligence still with appraisal this weekend. Forecasting CoC return conservatively at 15% based on comps but thinking it could be closer to 20% on the high end. I am concerned that maybe we are buying too soon and possibly paying too much vs if we wait to see what market does in coming months. Know that you can't time the market just right but seems we may see some continued price drops.

Please let me know your thoughts.

Ben