Nice 1 BR condo in Central Boca for apprx. 50k? (Century Village: for sale, rental)

[derekjet]

My friend is looking for a possible investment in Central Boca for a 1 bedroom in very good shape, apprx. 750 sq. feet with low HOA dues (under $200 per month) for around 50k (they'd pay all cash), where they would have the ability to rent it out with minimal restrictions (for a week here or a month there). Preferably not in a 55+ community (such as Century Village), but its not a deal-breaker, since they're older than 55.

Is that realistic?

[bale002]

Originally Posted by derekjet

My friend is looking for a possible investment in Central Boca for a 1 bedroom in very good shape, apprx. 750 sq. feet with low HOA dues (under $200 per month) for around 50k (they'd pay all cash), where they would have the ability to rent it out with minimal restrictions (for a week here or a month there). Preferably not in a 55+ community (such as Century Village), but its not a deal-breaker, since they're older than 55.

Is that realistic?

Doing a quick search, I found 102 listings that fit that general criteria, except for condo fee for which, unless you have an advanced program, there is no filter, you have to look it up case by case, the same goes for quality of condition.

I used zip codes 33496, 33434, 33433, and 33486 (central Boca). There are parts of coastal zip codes 33487, 33431 and 33432 which extend west into what may be considered central Boca.

Indeed the trick to generating a decent yield is low buy price and low condo fees, while property taxes will probably run around $2,000 per year. Then of course any extraordinary maintenance fees down the road.

I don't think you'll see significant capital gains for a number of years, maybe even 20, or at least until the next speculative bubble or the country falls into a hyperinflation situation.

Good Luck!

[skylinet]

Most the condos in central boca in this price point have a membership fee. (more than the actual condo costs). Another problem you will run into in Boca is that many condo complexes have rental restriction that don't allow an owner to rent a unit it out for the first 1-3 years.
I found 2-3 in East Boca that would fit their criteria, but they were 55+.

[fdoca1]

i have one for sale, Its a cornor condo with big yard on the right and backyard, HOA is $200 month, nice HOA, Great people here,

Huge main house has everything.

the ability to rent it out with minimal restrictions, (for a week here ?? not sure, HOA has no restriction though, or month yes). a 55+ community

we can make a deal, energyalt56 at gmail Ed

Originally Posted by derekjet

My friend is looking for a possible investment in Central Boca for a 1 bedroom in very good shape, apprx. 750 sq. feet with low HOA dues (under $200 per month) for around 50k (they'd pay all cash), where they would have the ability to rent it out with minimal restrictions (for a week here or a month there). Preferably not in a 55+ community (such as Century Village), but its not a deal-breaker, since they're older than 55.

Is that realistic?

[SAKIRAV]

We need A NOT 55+. I'm not sure I'd want a 55+ even if I were 55!

[Swimmom32]

I cant wait to go into a 55 plus community my parents have the best life ever....busy all the time, on trips all the time, shows, omg dh and I said they are more social than we are...and mind u they never were that way

[Delray Patty]

Just remember in a lot of condo's even if they let you rent it out the first year, most will only allow you
to rent it once a year, for 3 months minimum (seasonal) or on a yearly basis....they dont' want a
transient community...