A condo from Houston - Texas

[Trang Nguyen]

Hi everyone,

This is a condo near Texas Medical Center, which is a great rental area medical student and Rice University student.

It is 1 bed and 1 bath, 744 sq ft, already has a tenant in it right now. It rents for $800/month right now, but tenant is okay to pay $850 in April. The maintaince fee is about $300-350/month, this include all utilities. There is no need to repair anything in there right now. The market value is $70,000. The owner is asking $65,000. He said that he still owns about $30,000. The owner needs to sell because he needs the cash to invest into something else.

I want to keep this as a rental if I can get. I'm planning to go to a credit union to finance this deal because I have the credit to do it.

I need some advice on how to structure this deal so that the owner doesn't feel like I'm taking advantage of him. My concern is maybe it is not enough cash flow in this deal.

Thanks in advance!!

Trang