What can it rent out for? $1800/month? With the association fee, it still doesn’t make a lot of sense…
If it does rent for $1800/month, A $200k condo, if you down 10%, the mortgage would be around $1000/month + $321/month HOA, Tax + Insurance ~$300-400/month. You’re looking at $1600-1700/month. That will yield about $100-200/month in profit = $1200-2400/year. That’s 6-12% profit from the $20k invested from the very first year. That sounds pretty decent to me considering rent will most likely go up over time, which will increase your ROI. The question is, can it really fetch $1800/month in rent?
