Condo Purchase Opportunity; Hesitant on Purchasing

[Jovan Kitchen]

Hi, I currently live in Washington, DC in the Brookland; Fort Totten area.  I currently live in a 8 unit commercial building that was built in 1942. My unit in particularly is only 381 sqft and has some updated features. It is a 1 bd, 1 bath apartment that has an in unit washer and dryer. The building is in a quiet residential area with surrounding attractions. 15-20 minute walk from local metro stations, 15-20 minute walk from restaurants like Busboys&Poets, 10 minute walk to/from CUA, 10 minute drive to/from Howard U. Also local grocery stores etc.

As a young professional, I just previously graduated from college last year and I’ve been working towards and saving for my 1st investment property (ideally a duplex). I’ve always been passionate about real estate and the opportunities it can create from a financial standpoint.

The owners/landlords of my unit have offered to sale me my unit for $165k. It’s an okay price point based on the location and updated features of my unit. I’m hesitant to buy the unit based on the the fact that condos can be a bit tricky because I will only own a portion of the building, obviously I can’t house hack or add bedrooms/bathrooms etc. Also have to factor in taxes, condo fees and todays interest rates.

However, as a young professional I think it could be great start in my investing journey and a chance to build up equity as time goes on. Also, if and when I do move out the unit, I can rent it out to anyone I please according to the condo association rules. 

If anyone has any insight on if this an opportunity I should act on or just simply walk away from that would be great. If you need anymore additional details, I can definitely give.