What would you do? Buy a condo for cash? or finance a house?

[Elvin Reyes]

Hello,

I have $35K cash, and I'm about to buy a condo in FL cash for $23K (30% below market). Cash flow after cost is $350.

I also have about $40K available on a cash out refinance from one of my rentals. This will bring down my cash inflow on this rental from $450.00 to $250.00.

Questions:

Should I buy the condo? Is this a good investment? It seems like the ROI on the $23K is not that much, but on the other hand, I am buying the condo below market value, which I could sell in the future.

or

Should I buy an investment house on a mortgage loan? I tried getting approve and they will only lend about $60K.

What would you do?

Thanks,