BRRRR condo unit for personal residence?

[Devin Chong]

Hi All, 

Would you BRRRR a 2 bedroom condo unit for your own personal residence, if at the end of the day you break even on cash flow from current market rents? The positive note it is less than a quarter mile away from future transit rail lines expected to be completed in 2021. It is a 1979 build that simply has not been updated.

Property listed: 315K 

Expected ARV: 420k (2 years ago I walked through a unit with the same floor plan in the same building that sold for 415k, units still sell today around that price)

Expected repair cost: 20k (I can handle majority of the cosmetic repairs myself)

I would put in an offer around 285k and hope to close around 295k.  What are ya'll opinion?