Condo unit (rent or sell)

[Brett Fredrickson]

Here is a scenario that I am looking at:

1bd + Loft, 1ba 800 sqft, condo in a 12 unit, 3 level building.

It is an REO, listed @ $61,900. Needs about $5200 in repairs. Comps come in at about the $75,000 to $90,000 range. Average comparable rents are about $750/month. I figured that I could offer about $48,000 to make the deal work.

What do you think?