FL Condo Deal, Would You Take it?

[Nathan E.]

I have a verbal contract for a 2 br 1 bath condo. This is my first investment property purchase so I am analyzing the heck out of it and looking for advice from the experienced community.

Purchase Price: 65,500

Income: currently at $750 lease through Oct. Rentometer and research suggests that this is low. I can get 800-850 for this unit.

Expenses: Taxes:850; Assoc Fee: 840/yr; self managed.

Repairs: The property looks good, but I have yet to do an inspection. It looks to have had tile floors and paint and appliances not too long ago. I am assuming only regular maintenance costs 5-10%/year.

Financing: The seller is offering financing. I am looking at a 25% down, 6% interest, 40 year amortizing loan for a payment of $270/mo.

Thanks in advance for your input.

Nate