1br condo - good deal or snake pit?

[Marjorie Binder]

Browsing the MLS i found a new REO listing for a 1br condo for $15k. The last sale of a 1br was last July for $40k. Mostly 3br's are selling and for about $45-50k. The rehab costs are about $4k per the realtor/rehabber who showed me the property. Along with prop taxes (say $450/yr), c/c fee of 340/mo, closing & broker fees of about $1k i figure the extra costs are $7225 if it flipped in 6 months. If i could get it for $15k, meaning tot costs of $22,775 and i could sell it for $35k, more or less, is this a good deal to be your very first deal? I have not yet heard back from the mgmt office if renting the prop out was an option. I am concerned about the liquidity of a 1br; should i just stay away and not get trapped? Ori is this an easy one to start being that i can do it with cash? Any advice is most most welcome. Thanks in advance.

[Marjorie Binder]

just found out that there are no rentals permitted..