Just checked the history in the MLS and its pretty ugly over there. Complex peaked at $350,000 in late Summer of 2004 and has been gradually falling. Early Spring condo conversion up the road began selling similar units around $300K. Last closed sale is $280,000 and there are a couple short sales and an REO that should sell around $250,000. On top of that there are confidential remarks about HOA litigation.
All things equal, at $220,000 under the above scenario, with a monthly tax write off of $1300 (assume 15% tax bracket) it would be comparable to renting. Of course, you would be competing for tenants with all the nicely refurbished rentals up the street that couldnt be sold as condo conversions.
