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Old 04-20-2010, 09:48 AM
 
4 posts, read 15,064 times
Reputation: 12

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I want to buy a one-bedroom condo of Madison in Metro as an investment property. Here are all the numbers:

Price: $56900
Income: $680/month
HOA: $2015/yr or $168/month
Property Tax: $1409/yr or $117.41/month
Insurance: Interior (don't know) - probably $30/month???
Property Management@10%: $68/month

Net Income: ~$300

Do all numbers look reasonable? Is Metro West a good area? How is the crime rate? Thanks in advance!
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Old 04-20-2010, 10:01 AM
 
Location: Lake Mary, Florida
793 posts, read 2,524,912 times
Reputation: 272
Have you visited the property? Is this a long distance sale?
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Old 04-21-2010, 08:33 AM
 
4 posts, read 15,064 times
Reputation: 12
No, I have not visit the property. I try to justify the number before coming to Orlando.
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Old 04-21-2010, 08:46 AM
 
88 posts, read 312,269 times
Reputation: 53
The HOA figure looks a little low...you may want to re-verify that one.

Other than that, the figures look reasonable...however I will say that you can get 1BR condos in MetroWest much cheaper than $56k at the moment.
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Old 04-21-2010, 12:56 PM
 
Location: Orlando
8,276 posts, read 12,859,732 times
Reputation: 4142
from my records I think you are quite low on the HOA. caution needs to be exercised in MetroWest with special assessments as they can be extreme.

There are many 1 bedroom places there for under 30k, there are some 2/2's for under 40 so I'd say your price is way out of line which skews all your numbers.

I've never been a fan of 1 bedroom rentals I'd always choose a 3/2 if they can be had for the same $ and in this case that is a possibility. I'd do much more homework....
or call one of us that deals with investment properties.
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