I have been offered a two bedroom 1000 square foot condo that is fully upgraded for zero down at $165,000.

Asked by Candy Allen, Florida Mon Apr 14, 2008

What is the average price per square foot in the 34741 zip and what would the rental rate? What is the vacancy factor?

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Gary Geer, Agent, Antioch, IL
Thu Jan 3, 2013
Hi Candy,
You need addtional information on the market in this area. If you contact some local agents in this area they can provide you with a buyers CMA (market analysis). This should give you information on recently sold homes for the area. Also, when you contact these agents you may want to look at other similar properties before making your decision. In any case if you are not working with an agent please consider doing so. You need someone to represent your interests. The best way to learn about your local market is to talk to professionals and go out and view similar homes.

All the best,
Gary Geer
0 votes
Alan Martin, Agent, Orlando, FL
Thu Jan 3, 2013
NOt a good deal. IF you would like to strike up a relationship with a broker that farms the area then please get in touch. 407 832 4888
0 votes
Melissa Gera…, Agent, Tonawanda, NY
Wed Jan 2, 2013
This s definitely no bargain. Comparable units should be closer to 100k, if not less.

As for rental rates, it depends on the appearance of the unit, the location and condition of the complex and the amenities offered. There's no way to guess without knowing all the factors involved.

I live and work in Kissimmee, so I know the market here very well. In addition to my experience in sales, I've also managed property for over twenty years. I'd be more than happy to answer any questions or help in any way.

Melissa M Gerace, REALTOR
Premium Properties Real Estate Services
0 votes
Paul Antonel…, Agent, Saint Cloud, FL
Thu Apr 17, 2008
Don't Walk, RUN away from that offer. There is no real Avg Price per square foot in a zip code. Due to there being many different factors within the same zip. Some gated communities, some older neighborhoods, some manufactured homes, etc etc etc. In todays market you will have so many choices of styles and properties to buy. I know of one condo I can get you into right now under $90K with the HOA of under $175 per month and a proposed rental income of between $800 & $850. per month.
A Hell of a lot better than $165 for a like unit.
Call me if you want more info.
0 votes
Elizabeth La…, , Kissimmee, FL
Wed Apr 16, 2008
HI - Sounds like you need a great Associate to assit you. Our main office is in 34741 and there is huge range of properties. We also have a large REO department and our bankowned foreclosure properties are selling quickly. If you would like me to refer you to a full time,assocaite, please let me know. Elizabeth

PS All of my buyer specialist have completed complete back ground checks, just a little added layer of comfort and trust.
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Paula Bean, , Orlando, FL
Tue Apr 15, 2008
Hi Candy,

This is just my opinion (albeit from 30 yrs experience) but I see several red flags in your question that
concerns me.

Zero down mtgs are a thing of the past, is this seller financing? Be very careful there.
As far as price per sq. ft... It varies all over the map in that zip code depending on the location.
I would be more concerned over whether it is, in fact worth $165K or not and the zero down financing.

If you do not have an agent that knows that location well - get one to give the exact address to, then a more accurate price can be given. Other factors to give much consideration to are condition, Condo Fees (they can be very high - and do they include any utilities? ) taxes, and the financial condition of the mgmt company.

If you are buying just to rent out I'd tread lightly there as well, and I can tell you for sure there is not a mtg company around that will do investor loans with zero down. If it is seller financing at zero down, that means he or she couldn't sell it or rent it either and are looking for creative ways to dispose of it.

You need professional assistance so you don't make a huge financial mistake.
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