Buying first home - need advice (feedback, fees, condo, prices)

[carolinagirl1419]

I am 27 years old and looking to purchase my first condo in Charlotte, NC. I was wondering if anyone was local to Charlotte and willing to give some advice.

My thought process behind this purchase is that it will serve as my residence for now, but when I'm ready to get married/move in with boyfriend/move on to a larger house, that I would use it as a rental property for additional income.

The condo is off North Davidson, near NoDa/Plaza Midwood. It is in a great location (about 5 minutes from Uptown Charlotte). It was built in 2006 and has only had 1 owner.

I'm not sure what other information people need to answer my questions or give advice, so please ask away. I feel pretty confident about this property but just want some feedback on what to ask or things to look for.

[BirdieBelle]

Does the condo HOA allow rentals?

[carolinagirl1419]

Originally Posted by Wmsn4Life

Does the condo HOA allow rentals?

It does. In fact, the current owner is renting the condo out right now.

[MrRational]

Originally Posted by carolinagirl1419

...but when I'm ready to get married/move in with boyfriend/move on to a larger house,
that I would use it as a rental property for additional income.

Most properties that get converted to rentals in the sort of scenario you propose
are bought at higher (often substantially higher) prices than are properties acquired
with the intention of being rentals from the outset.

How much of forecasted carrying costs (PITI, fees, vacancies, repairs, etc) will current market rent cover?
If rent isn't MORE than those costs... find a different property to speculate with.
I'd also be very leery of volunteering for oversight by a condo/hoa board.

[Okey Dokie]

What % of units are currently being used as rentals?