First Rental Property! Need advice!

little bit of background and numbers:
1 BR Condo located in a tier 1 south metro area.
I am under contract at 225k.
HOA allows AirBnb and the seller is selling it with all the furniture and the bookings past the close date. The place has had a steady cash flow of 3k on average over the last 3 years (verified this in the Airbnb records sent by seller). My mortage + utilities should be around 1700ish even with a 6% interest (will refi when the time is appropriate)

The only problem is the appraisal came out at 182k which means I’ll need to put down 80k (20% of 182 + difference between appraised amount & sales price) so I am confused that with 80k down I can get a 400k 3 bed 2 bath SFH which will appreciate like crazy compared to a condo since this place’s biggest advantage is it’s cashflow, location (downtown) and the lower price but historically a 1BR condo is not going to appreciate that much.
Is this worth it?

submitted by /u/Comfortable_Neat_335
[link] [comments]

little bit of background and numbers: 1 BR Condo located in a tier 1 south metro area. I am under contract at 225k. HOA allows AirBnb and the seller is selling it with all the furniture and the bookings past the close date. The place has had a steady cash flow of 3k on average over the last 3 years (verified this in the Airbnb records sent by seller). My mortage + utilities should be around 1700ish even with a 6% interest (will refi when the time is appropriate) The only problem is the appraisal came out at 182k which means I’ll need to put down 80k (20% of 182 + difference between appraised amount & sales price) so I am confused that with 80k down I can get a 400k 3 bed 2 bath SFH which will appreciate like crazy compared to a condo since this place’s biggest advantage is it’s cashflow, location (downtown) and the lower price but historically a 1BR condo is not going to appreciate that much. Is this worth it? submitted by /u/Comfortable_Neat_335 [link] [comments]

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