Advice on first investment

[Jimmy Longley]

Hi Everyone,

This is my first OP. I am brand new to REI and have been studying for about 6-8 months. My current situation is that I recently lived in Florida for 13 years and moved back to PA for 1 year to help settle a family estate. The year is winding up and I am planning my move back to FL some time between now and June.

I am looking to buy an inexpensive place in FL (maybe a 1/1 condo) and have about $30,000 for down payment, closing costs, etc. Within a year or less, I'll also have cash from the estate. My thought is that I will live in the 1/1 condo until the estate is closed and use the estate money as a down payment on a house. Then, the 1/1 condo could become a rental.

My question is, are my numbers correct and reliable on the condo? Is there not enough cash flow with the HOA? The screen shot is of a spreadsheet that I created, so it may or may not have all of the required data points. The "cost" is set at the asking price. There are 3 of these units currently listed ($109k, $114k, $124k) - recent comps for this unit are between $80-125,000 with an average of $101,000. My realtor thinks this will likely sell closer to $90-100k. Rents are currently between $12-1300, depending on updates and 1st or 2nd floor.

Any advice is greatly appreciated.

Jimmy