Anyone do this? Pros and cons? I have had single family rentals in the past but never a single bedroom condo. They are cheap and return is good even after all the fees. Thinking about buying one.
Resale can be tough. I would also ask about assessments. Your condo fees cover everyday stuff but may not cover larger expenditures. Ask about the balance in their fund for this, as well as a list of past "special assessments".
I've ran the numbers and it seems like I can make a conservative 4-5% return on my money. My thought was comparing it to a bond fund. Pay cash and hold it for 20 years.
The main negative that keeps coming back is it might not be worth the headache dealing with that level of a tenant. And of course there is still risk. The small amount of gain over a bond does not seem worth the trouble.
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