You would have to be a cash buyer or have access to money to buy into situations like this. I have always wondered what the government will do in these extreme cases. Currently the pending condos have an asking price of 85K for a 2bd 1ba and the other condo listed at 75k for 1bd 1ba. I’m just sitting on the sideline waiting for prices under 50K. I would probably at that point be able to buy 4 units. The one bedrooms are renting for $700+ and the 2 bedrooms are renting for $900+. I think this thing can be fixed but it will take time. I’m not sure if someone can buy out this complex because these are individually owned and are going to be sold 1 at a time. There are some serious risk involved, but at a low enough price it might be worth it. I also think that when the price becomes more enticing there will be enough investors to make this work.
