The recent sales of turnkey 1BR/1BA condos in MM have all been around $135,000. Thats a move in ready unit with all apliances included-basically ready to rent. All the ones I loooked at sold to all cash investors. That will get you about 600 sq ft. Taxes will run around $1600/year. HOA depending upon the complex will run from $200 to 300/month. If you could buy one with 20% down ($27,500) the monthly carrying cost is approx $900/month.
That condo will rent for $1200/month all day. It may be possible to get up to $1300. As inflation continues the rent should rise.
Thats a positive cash flow of $3600 to $4500 on a $27,500 down payment without even considering paying down principal.
