If the unit you want to buy is the one I'm thinking, do not hesitate to pay a little bit above the asking price if you want to get it. If you are not already working with another agent, let me know and I'll help you out.
After taxes, insurance and expenses, you will still get a cap rate at around 8%, provided you will rent it at $875/month.
I think this is a pretty nice return.
The area is not fancy but the fees are low and the location is great for annual rentals.
Good luck to you.
RealPro Realty LLC
A good piece of advice is to be very familiar with the Condo Docs in Canterbury Village, especially the rules regarding rentals, how many times per year you can rent out, minimum duration, etc.... This can be a deciding factor whether you decide to purchase this property as an investment property.
Hope this helps!
Angie Curkovic and The Curkovic Real Estate Team
With the volume of distressed property sales we have started to see a shortage of nice well located rentals and have renters with great income that can not buy properties due to short sales or foreclosures on their credit.
If you are interested I can provide you an analysis of potential return based on how much you want to put down (or cash purchase) and expected renovations.
Please email me at firstname.lastname@example.org or call to discuss at 239-595-2212. I would also be happy to represent your interests in purchase of this or other properties.
Ken Lowe - Realtor SFR
Short Sle and Foreclosure Resource
John & Sandra James
Prudential Florida Realty