$550 / mo rent on $12k condo???

[Petit Morne]

So I am back at it with these low purchase price condos.

This is for a 1br/1ba downstairs unit in a 110 unit complex.

Current owner bought property 6 months ago, rehabbed it and is flipping it (I talked to the maintenance guy on the property who told me how extensive and nice the rehab was).

Monthly rent in complex: $550

Purchase Price: $12,000

Taxes: $40 / month (~$475 per year)

Insurance: $40 per month

HOA: $190 / month

Sewer and Water :Included in HOA

Trash: Included in HOA

Heat/Utilities: Tenant pays

Cap Ex and Ops

Mgmt Fee - 10%

Vacancy- 8%