So, just came back from viewing a potential Joint Venture investment. Subject property (pictures attached) is a 2/2.5 1100 sq ft two storey condo with garage. Nice neighborhood, close to decent schools, hospitals, freeways and shopping.
No deferred maintenance, although reserves are low at the moment. Have inspection report in hand indicating $5100 in section one work (mostly dry rot in bathroom). Can be done much cheaper by contractor.
Estimated repairs should be in the $15K range.
Will be going in with a $38,000 initial offer (listed at $56K) These units were selling at $300k in 2006!!
Rents $1200-$1300
HOA $251/month
Taxes approx $100
Stay Tuned!
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