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My Purchase today

(2011-08-19 17:33:29) 下一個

So I made an offer to this two bedroom, 850 sqft condo. It was initially asked for $35,000, and then reduced to $29,900. I offered $25,00, and it was accepted.


Condo: $25,000


Closing cost: $1,000


Total purchase price: $26,000


Rent: $700/month


Vacancy: 10%


Property Manger: $56/month


HOA: $312 (ouch!) /month


Insurance: $40/month


Property Tax: $42/month


Repair: $50/month


Net before interest: $130/month


Interest: $65/month


Net: $65/month


Seed money: $0


Percentage of return: $65/$0 = ???


Haha, the profit is one meal for a family of four per month. I will take it since it is free.


History of the unit:


Built in 1969


Sold: July 1983 for $41,900


Sold: Dec 1987 for $32,000


Historical high: $130,000 (this is only my guess based on other sales. This one has not been sold since 1987).


This property is in Florida. All I hope for is: one day, it will recover to half of its peak price, and the rent will go back to $850/month.


 

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cultuslake 回複 悄悄話 thank you.
5speed 回複 悄悄話
This is a very good deal! Congratulations.
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