Deal Analysis on a Condo in Florida

[Joe Gilroy]

Condo Rental Deal Analysis

Purchase price $54,000

Location Broward County, Fl.

Type property Condo

Beds 2

Baths 2

Sq Ft approx. 1000

Down payment 20%

P & I $204

Taxes $38

HOA $274

Insurance $53

Total $569

Expenses

Vacancy 5% $70

Property Mgmnt $140

Capex 5% $70

Total with expenses $849

Rental income estimate $1400

Positive cash flow $551

This seems like a good deal to me -

Am I missing something ?

Like a possible Membership fee ?

Or a policy that does not allow investors ?

I got most of these numbers from Redfin  

Thank you !

[Mike S.]

Check for the condo association rules as they may create problem with your tenants.

Ask also if they have any special assessment planned and the status of their reserve.