condo deal or no deal

[Aaron N.]

I am looking at a Homepath condo in Fl that is listed at 87K w prob value of 100K( needs 3K for appliances otherwise very clean w granite top etc. Built in 06. I am debating on a 79K offer w 2% concession to cover closing ( $2400) so roughly 77K offer on a 2/2 1100sqft that rents for 950-1000K. The catch that seems to kill it is the HOA is $350/mth. If I put 5% down as Homepath allows my mortgage would end up around 495/mth. If you add in HOA that is 845. Doesn't even include taxes or repairs. I think Im going to bail on it. Wouldnt barely cash flow. I wouldn't expect much for repairs as you would for SFH. The damn thing sold in 06 for 220K so it caught my eye. I was thinking about a buy and hold for a few years and it would prob barely cash flow but I just not sure what expect in terms of repairs for condo. Im looking for something that can maintain itself w out me having to maintain it like the typical sfh.