I am looking to buy a condo in NY with tenant occupied. I acutally found an ad on the newspaper and it reads:
This spacious 1BR is located on **** Metropolitan Ave.
Current tenant is paying $975 a month but unit will be delivered vacant,
market rental is about $1000 a month.
Asking price $118,000
Low common charge of $435
real estate tax: $0 or very low (tax abatement still in effect)
What do you guys think? Should the price be lower?
Jean
Comments
That depends on the area of New York. In Buffalo, it is way overpriced. In Manhattan, it is way underpriced and probably a scam. The best way to see if it is a good deal is to look up comparable properties in the area. Try. They will show you both the cost of 1 bedroom condos in that area, but also rental amounts.
Hope this helps.
compare to the others in that area… and since you are getting rental this sounds like a very nice deal.
if you don’t want it, pass me the details, I might consider it.
K
