I spoke to a renter of a 2bed/2bth. He is paying $900 a month. It was a complete ghost town a few months ago. There are several occupied units and there will be more as more sales close. I think there are about 20+ units that have been purchased by new owners and will eventually be occupied by tenants.
At one point I was willing to pay $50K for 1bd/1bth and 70K for 2bd/2bth. I still think that is the fair market value with all it’s problems.
I’m not sure how much it would take to make the HOA solvent. There are 70 units total. Sometimes getting owners to vote or pay for special assessments is like pulling teeth. I think your estimate of about 20K seems about right.
