This condo is Leased through the end of 2017 at $1050 a month, to a tenant who always pays on time. That said, price is firm. Calling all investors! This Landmark highrise condo is for sale at $99,999. I may consider owner financing with $19,500 down, at a 7 7/8% interest rate for 25 years. The note of $80,499 at 25 years, 7 7/8% would be $614.65 a month. I may consider a longer term at 1/4% higher interest for every extra year of term. At the end of 25 years, you would own this 14th floor condo out right! No mortgage! While having a mortgage your monthly payment to me is $614.65+ $367 paid to the HOA= $981.65 a month. Taxes last year were $828 for the entire year. You would pay your real estate taxes once a year in the fall. I may consider an all cash price of $97,000. The attorney and both lender and owner one time title insurance should not be too much more then $900. Price is firm, I will not disturb this great tenant without someone who is fine with the above terms. This is a great 1 bedroom which has 5 year old carpet in the bedroom and tile floors in the living room. $367 a month HOA (steady, no increase for 2016) includes all Utilities and cable TV! You are allowed to lease here, there are no restrictions! Market rates for 1 bedrooms all inclusive like this lease for $1050-1150 a month. Unit is leased for over 1 year more for $1050 a month with a tenant who is never late with the rent. Tenant's security deposit of $1200 would transfer at the closing. Unit does not include a parking space, or rights to rent parking at the building. But since there are so many international students at GSU and Tech, many of whom do not have cars, so this units works very well for them. Like it does for my current tenant. The Landmark is an older highrise with a large pool that goes to 9ft deep, and a doorman 24 hours a day! The have been no assessments at the building and there are none coming up. Unit also comes with an Ikea Queen Bed, Dresser and Nightstand, along with a Queen Platform mattress. Furnished housing comes in handy when attracting GSU and Tech students. These furnishings will transfer with the sale and can be written in the contract. Annual taxes on this condo were $828 for 2016! Unit does not come with parking rights, but many of the international students (like the current tenant) do not have a car. If you would like to pay $97,000 cash (special all cash price), then After paying HOA ($367) and taxes ($69 a month), you still have a profit of about $614 a month on this condo. Thus at about $7400 a year it is a cash on cash yield (Cap Rate) of 7%! If you do owner financing, with the leverage it is over a 7% return! And that is before depreciation, or the future appreciation that is likely to happen!
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