The condo you wanted to buy can be rented at $3500? I guess so. Besides, the NYC rental market is softening.
after the tax and condo fees, the property yields only 1.32%, even lower than the 10-years treasury bill, suggesting any financing needed would exacerbate the situation. Maintenance can only go above the monthly due, likely to increase the carrying costs.
Don't buy. Do you think the price is going to run up by another 67% within next 5 years? Even so, an annualized return of 10.76% is not worth your time or efforts.
