Need Sell or Hold Advice on Florida Condominium Deal

[Marcus Welson]

Currently have a small inherited condo in Southeast Florida. It's a 900sq ft 2/2 unit with 1 parking spot that is approximately 40 yrs. old, ina  100 unit building. No update of common area finishes although clean and well maintained. Only amenity is a common area medium pool with a water view. The building is mostly older seniors and to my knowledge it is in average condition and there are no known major repairs. However, given a lax board and the community's preference to avoid assessments and projects I believe no major repair or replacement work has been done since the building was built in the mid 80's (i.e. roof, plumbing etc.,). This is a concern given the new law in FL requiring an engineering survey by December 2024 and funding of reserves. Building has no reserves for major repairs beyond minor things like painting and lawn care. 

Has new flooring and appliances but kitchen and baths are original but well maintained in above average condition. Dated mica kitchen counters and older color style tyles in baths. Effective age on the appraisal report is 18 yrs versus actual 39-year age of the unit, with a C4 condition rating. 

HOA is about $400 a month and I need to cover 2 years property taxes and back HOA to keep foreclosure at bay while holding or until a sale. Property is paid off otherwise. Current Tenant pays $2200 rent which seems like it's about $300 under current market rate.

Property contracted for $300K and recent appraisal came in about $50k under that based on limited comps in the area. Based on 3 comps, for smaller and older units for $280k (40 yrs old), $280k (50yrs old) and $250K (50yrs old) and Seller's lender says they won't reappraise or reconsider valuation. Seller won't attempt at a second lender or new appraisal. Contract requires diligent effort from buyer but otherwise doesn't specify if they need to try and close the sale or can just throw their hands up at the low appraisal. 

Any advice on sell vs hold or other recommendations to consider are greatly appreciated. Seems like the biggest risk are potential future special assessments, which could be for immediate need vs future projects.