Good Deal or Not?

[Dan Biga]

I'm new to the site, and pretty new to RE investing, so I will attempt to share what I think is needed in order to analyze the deal...please let me know if there are any questions/thoughts:

Builder Closeout Sale – Phase I – 36 remaining units

16 available: 1 Bedroom Units –800 Sq. Ft. - 1 Bath
10 available: 2 Bedroom Units –1239 Sq. Ft. - 2 Bath
10 available: 3 Bedroom Units –1371 Sq. Ft. - 3 Bath

•HOA Dues & Coverage: HOA dues are $167.18 (1 Bedroom), $258.92 (2 Bedroom), $286.51 (3 Bedroom)

•Insurance: Insurance assessments for 2010 were $675.31 (1 Bedroom), $1,045.90 (2 Bedroom), $1,157.33 (3 Bedroom).

•Rental: Rentals are restricted to weekly or longer. Long Term rental rates are running $650 (1 Bedroom) $750 (2 Bedroom) and $950 (3 Bedroom).

1 Bedroom 2 Bedroom 3 Bedroom
Original Price: $199,000 $249,000 $299,000
CLOSEOUT PRICE: $95,000 $130,000 $140,000

[Richard Warren]

You mention the Original Price (meaningless) and the closeout price. What is the current market price for a resale?

What is your goal here? Are you looking to flip them? Rent them? Wholesale them?

As rentals these are awful, unless your ultimate goal is to lose a boatload of money.

:cool: