Condo as rental - good deal?

[Jamie Bateman]

Foreclosure - 1 BR, 1BA condo in good area of Baltimore County, MD; needs maybe 10k in work. Listed for 90k, can rent for $950, but $265 condo fee. Offer would be cash. Thoughts?

[Quintin Mortensen]

I have nearly the same situation with my place. I got it for 97k. 3bed/3bath, $140 HOA. This turned out to be a pretty good deal because in the past 30 months the units in the same development now sell for 140k. So I'm going to refinance, drop that PMI, and pay off some 7.9% student loans.

Long story short. Check the HOA, Talk to a neighbor or two, and low ball them because with the info you've given, it's not a great deal but it's similar to mine and I got lucky and made $43,000 in equity in 2 1/2 years.

good luck!