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Updated almost 10 years ago on . Most recent reply

User Stats

55
Posts
13
Votes
Gregory Massi
  • Investor
  • Mahopac, NY
13
Votes |
55
Posts

Condo in Westchester County - Want your opinion

Gregory Massi
  • Investor
  • Mahopac, NY
Posted

I am closing next week on my first investment property in Westchester County NY. It is a 2 bedroom 2.5 bathroom 2 level condo which i bought for $275k. Generally 2 bedroom condos in my complex go for about $300k (i got it for a good price bc the buyer was eager to sell and he just had a deal a few weeks before my offer fall apart). 

All in cost are about $2000 a month (including insurance, HOA, mortgage, taxes) and i can probably get close to $2600 to 2700 a month for rent. I had the real estate agent pull comps and it looks like most 2 bedrooms with a 1 car garage are getting around $2900 to 3000 a month in my complex. My condo has a carport, no garage, so I think $2600 to 2700 is reasonable.

Some addition information. The kitchen is only 2 or 3 years old with granite and stainless steel appliances. Nice hardwood floors on kitchen/living room level. The bedroom floor is outdated (except for the bathrooms) - doors and trim are from the 70s (when it was built). I plan to updated all the trim and doors after i close.

What are your opinions on my purchase? Is there any additional information I should add to paint a clearer picture? I know it doesn't come close to the 2% rule or even the 1% rule but I wanted to start small for my first property. This is a highly desirable neighborhood i should add.

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