How much would you offer for this condo

[cv2]

Bad:
1. Not move-in ready: Need at least $20K to fix it up.
2. No garage.
3. High HOA $270/month.
4. Cash offer only.
5. Priced low to attract bidders.

Good:
1. Cheap, asking only $120K for 2/2 1,100SF in Mira Mesa
2. Rent probably for $1,100/month.
3. Limited competition: Cash offer only.

How much would you offer with the purpose of renting it out? I really appreciate if you could include your thoughts/calculations too.

Thanks in advance!

[cv2]

Sorry forget to add the property link

http://www.sdlookup.com/MLS-080039411-9415_Gold_Coast_B4_San_Diego_Ca_92126

[cv2]

Sorry forget to add the property link

http://www.sdlookup.com/MLS-080039411-9415_Gold_Coast_B4_San_Diego_Ca_92126

[cv2]

Sorry forget to add the property link

http://www.sdlookup.com/MLS-080039411-9415_Gold_Coast_B4_San_Diego_Ca_92126

[cv2]

Sorry forget to add the property link

http://www.sdlookup.com/MLS-080039411-9415_Gold_Coast_B4_San_Diego_Ca_92126

[cv2]

Sorry forget to add the property link

http://www.sdlookup.com/MLS-080039411-9415_Gold_Coast_B4_San_Diego_Ca_92126

[cv2]

My thinking is the following:

I want to offer $150K including $20K fix-up cost. Per investment mortgage rate of 7%, that’s about $1,000/month. $270 HOA and $100 Property tax. The total expense is $1,370/month.

The rent is only $1,100/month so I am $270 short every month, or $3,240 a year.

I do get write-off from depreciation, for about $3,000/year. It seems that I will be close to even.

These are the assumptions:
1. assumed full 12 month rent
2. assumed no commission for finding tenants
3. special assessment: lots of units in the complex are in REO or short sale.
4. assume the rent will maintain the current level.

[cv2]

My thinking is the following:

I want to offer $150K including $20K fix-up cost. Per investment mortgage rate of 7%, that’s about $1,000/month. $270 HOA and $100 Property tax. The total expense is $1,370/month.

The rent is only $1,100/month so I am $270 short every month, or $3,240 a year.

I do get write-off from depreciation, for about $3,000/year. It seems that I will be close to even.

These are the assumptions:
1. assumed full 12 month rent
2. assumed no commission for finding tenants
3. special assessment: lots of units in the complex are in REO or short sale.
4. assume the rent will maintain the current level.

[cv2]

My thinking is the following:

I want to offer $150K including $20K fix-up cost. Per investment mortgage rate of 7%, that’s about $1,000/month. $270 HOA and $100 Property tax. The total expense is $1,370/month.

The rent is only $1,100/month so I am $270 short every month, or $3,240 a year.

I do get write-off from depreciation, for about $3,000/year. It seems that I will be close to even.

These are the assumptions:
1. assumed full 12 month rent
2. assumed no commission for finding tenants
3. special assessment: lots of units in the complex are in REO or short sale.
4. assume the rent will maintain the current level.

[cv2]

My thinking is the following:

I want to offer $150K including $20K fix-up cost. Per investment mortgage rate of 7%, that’s about $1,000/month. $270 HOA and $100 Property tax. The total expense is $1,370/month.

The rent is only $1,100/month so I am $270 short every month, or $3,240 a year.

I do get write-off from depreciation, for about $3,000/year. It seems that I will be close to even.

These are the assumptions:
1. assumed full 12 month rent
2. assumed no commission for finding tenants
3. special assessment: lots of units in the complex are in REO or short sale.
4. assume the rent will maintain the current level.

[cv2]

My thinking is the following:

I want to offer $150K including $20K fix-up cost. Per investment mortgage rate of 7%, that’s about $1,000/month. $270 HOA and $100 Property tax. The total expense is $1,370/month.

The rent is only $1,100/month so I am $270 short every month, or $3,240 a year.

I do get write-off from depreciation, for about $3,000/year. It seems that I will be close to even.

These are the assumptions:
1. assumed full 12 month rent
2. assumed no commission for finding tenants
3. special assessment: lots of units in the complex are in REO or short sale.
4. assume the rent will maintain the current level.

[surveyor]

insurance

You forgot to put in your insurance cost.

I’m sure there are other costs, but the insurance cost is mandatory (about $900/yr if you go cheapo).

Other than that, it does look like it will breakeven, but I would recommend trying to get the property lower than $120k, so that you can get more credit for the $20k fix up cost.

My price? Probably around $105k. ($125k including $20k fixup cost).

[surveyor]

insurance

You forgot to put in your insurance cost.

I’m sure there are other costs, but the insurance cost is mandatory (about $900/yr if you go cheapo).

Other than that, it does look like it will breakeven, but I would recommend trying to get the property lower than $120k, so that you can get more credit for the $20k fix up cost.

My price? Probably around $105k. ($125k including $20k fixup cost).

[surveyor]

insurance

You forgot to put in your insurance cost.

I’m sure there are other costs, but the insurance cost is mandatory (about $900/yr if you go cheapo).

Other than that, it does look like it will breakeven, but I would recommend trying to get the property lower than $120k, so that you can get more credit for the $20k fix up cost.

My price? Probably around $105k. ($125k including $20k fixup cost).

[surveyor]

insurance

You forgot to put in your insurance cost.

I’m sure there are other costs, but the insurance cost is mandatory (about $900/yr if you go cheapo).

Other than that, it does look like it will breakeven, but I would recommend trying to get the property lower than $120k, so that you can get more credit for the $20k fix up cost.

My price? Probably around $105k. ($125k including $20k fixup cost).

[Author]

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