surveyor: HOA should have master insurance so I just need to get a ride-on policy. Probably $600 a year so that’s $50/month.
nostrademus: The bathroom downstairs has no tub/shower, so just a sink.
I estimated the repair cost:
bathroom: $3,000
Washer/dryer: $1,000
Frig: $500
Dishwasher: $400
Range: %500
Countertop and Cabinets under: $10,000.
Flooring: $4,000
So it is close to $20,000.
I did not take closing cost in. That’s probably another $4,000 up front: escrow and loan points/fees.
Honestly I do not buy for appreciation because I think it is very dangerous to assume that things will look up substantially in 5 years. On the contrary I think we are still on a down slope. I only buy when the numbers make sense. That’s why I want to stay cash-flow positive as much as I could.
I am not very familiar with that area. All I know is that it is close to Miramar college and hopefully I could attract some college students or young professionals. Two bedrooms but with only one full bath is not very desirable.
