Currently the rent barely breaks even but the price has appreciated quite a bit.Should I have the condo sold today, I would have about $260k on hand ($180k down pay + $80k profit after exp.)After listening to some podcasts and doing research, I decide my main goal is to buy and hold for the passive cash flow.

You can always swap rate for fee, or fee for rate, but keep in mind that the overwhelming majority of the items on the fee worksheet you probably saw will typically have nothing to do with the lender, we're just the bearers of bad news.

So, they sold it for less than it's worth?

Having to dig up the parking lot and redo the line to the street and repave can be many tens of thousands of dollars depending on the length of the run involved and how deep the lines are.Make sure you have the full financial numbers from the seller and they verify before spending thousands on inspections to only find out sellers numbers are wrong and they will not adjust the price etc.Hopefully in your purchase and sale contract you had language such as due diligence period does not start until ALL of the items listed are received by the buyer.

Ouch.. but we still made a bunch on it.. but those things happen.In one subdivision I was building in the neighboring builder went with the cheapo framer.. and when you went in the house it look like the TREES of MYSTERY house along the Northern CA coast.. yup built it out of plumb drop a golf ball at the back of the house and it will roll right out the front door on its own  LOL.. not sure how much he lost as he sold it as is.. but no one in there right mind would pay close to retail for that.

The few items I know for sure.

The bank was asking $79,900 for it (at the height of the market in 2006 it would’ve sold for about $140k).

A couple of other updated houses sold in the higher range but maybe we aren't so lucky.

@Chantele JoordensWe have several (8) properties in Uptown SJ and are familiar with most that have sold in the past 2-3 years.The rental market in Uptown SJ varies greatly depending on where you are located ... there can be significant differences in tenant population, turnover and rent levels from block-2-block.  

What you did (or rather are doing) is you sold and are moving out of state.