You will never cash flow the unit with a mortgage. If you pay cash, you shold be able to return enough to cover your expenses if you rent it 3 months at year @$10,000 a month. If you take it as a retnal property for tax purposes, your expenses including depreciation, taxes, maintenace fee, insurance, and some travel to maintain the property should be deductable, but always contact a tax expert for your specific situation. Because it is a condo, the full amount of purchase price should be dedutable on a 27.5 year basis for depreciation. So, if you add tax benefits, income, minus expenses,and then add some appreciation, which is never guaranteed, but I think we will see normal appreciation of 3-4% a year in the future, it looks OK on paper.
Let me know if I can help.
Susan LaGrotta, Realtor
Prudential Florida Realty
Marco Island, Fl. 34145
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