Concerns about 1st Deal

[Timothy Hood]

Hello Everyone,

I'm going to write an offer on a Fannie Mae REO condo marketed by HomePath.

The property is 2bed/1bath unit listed at 45K.  Another unit in the same building sold for 35K earlier this year so that's what I'll offer.  If purchased at this price it should cash flow pretty good.  Rent should be $650-$700/month with tenant paying utilities.  I would pay the $125/month COA fee plus property tax and insurance.

So far I have seen the Association's executive summary and regulations.  I will see the financials when I write the offer and the agent says I can back out of the deal if I don't like what I find in the first seven days.

I'm concerned about special assessments or other unforeseen cost as I have yet to see the financials.

Anybody, especially Wisconsin investors, have any advice about what to look out for?

Thanks in advance,

Tim