Analyze my OC condo investment...

NEW -> Contingent Buyer Assistance Program
BLUE FIRE said:
cran said:
usctrojanman29 said:
ipoplaya said:
usctrojanman29 said:
Ok, be honest and brutal if you have to be. I picked up a 3bed/2ba condo (1,120 SF) over in the South Coast Villas (Bristol/MacArthur by South Coast Plaza on the board of Santa Ana/Costa Mesa) for $215k and used a 90% 7-yr ARM I/O loan @ 5% on it back in March. At the peak the property was purchased for $400k in May 2006. I have it rented out for $1,650/month which results in a rental multiple of 130x. My hold period will be 7-10 years and hope to sell for $275k - $300k then. Here's how the numbers shake-out:

$1,650 rent

$275 HOA

$1,110 (Interest, Prop Tax escrow, PMI)

= + $265 cash flow (does not include the tax advantage from the active real estate tax loss)

What do you guys think???
Click to expand...

Is this your same unit SC listed for $170K and not moving? Not sure which complex you bought into...
Click to expand...
Same complex. The reason that unit isn't moving is because it's a short sales. There's been a handful of 3bedroom closings in the past 3 months and the prices ranged from $195k to $210k (50% off the peak) with one even going for about $3k over list price.
Click to expand...

A similar condo was listed today for 125k

http://www.redfin.com/CA/Santa-Ana/1001-W-Macarthur-Blvd-92707/unit-95/home/5519304
Click to expand...

With an HOA of $330! WTF, could that be correct?!
Click to expand...
Unfortunately see, but at least it includes water and gas.
 
You must log in or register to reply here.
Back
Top