A lady who knows I am looking to buy my first rental property gave Me a call today saying that she is selling her 1 bedroom condo. The price it's listed for is $89,000 and she said she would go down a few thousand since she wants to get rid of it quickly. The condo is in good shape with wooden floors, basic fridge and washer and dryer in condo. HOA fees are $235/month and taxes are $216/month. I'd put about 10% down so mortgage at most would be $600/month for 15 year mortgage. About $450 for 30 year.
Total = $1,050 give or take.
Previous tenant paid $1,200.00 per month but rent was steady for passed three years so prolly can get maybe $100 more a month.
Would this be a good starter property to get my feet wet? Would you advice 15 or 30 year mortgage? One thing that makes me question purchasing is it’s been on the market a little while now and still hasn’t sold. She did have it for $95,000 and that’s why she lowered? Is it because maybe no one wants this kind of rental property? Is it overpriced?? Please help.
Thanks in advance.
