It’s possible now. You’re a hard working buyer. I don’t expect it last much longer. Out of curiosity I just looked at some of the condo complexes where I’ve owned units.
It’s a 35 year old complex. The HOA should be in pretty good condition. I’m guessing it could rent for $1400/mo. Other than interest rates being much lower now, the numbers look a lot like they did when I bought a few units there in the early to mid 80’s, selling for about 100 times monthly rent. (the numbers are just about double then, I paid around $70K and they rented for $700 to $750.) No idea what kind of financing is available. I was buying then with 10% down. That seems unlikely now. Cash flow was maybe a little better than break even. (I ended up selling all of them around 1990, when my kids were little. Just too much of a pain to collect 25 checks a month, write 25 HOA checks, 35 mortgage checks, plus repairs and vacancies. After sales costs, probably netted a whopping $1500 profit per unit. Timing wasn’t perfect.)
But what I’m talking about is historical price/rent ratios. In 2005 this unit sold for $328K, and I doubt rent was much different than it is now. That’s probably the two extremes. Somewhere in between is probably more normal. And not a real good cash flow investment.
