This bank-owned property is agressively priced and will actually come close to carrying as an investment property. It’s a nice 2 bedroom, 1 bath, condo in the Le Parc development and has a single car detached garage. It last sold 13 months ago, December, 2006 for $378,000 but is now owned by a bank and offered at $187,500!
I haven’t seen it yet, but am familiar with the floorplan and believe it could rent for $1200 – $1400 per month. At this price, it should sell by Tuesday. The HOA dues of $262 cover exterior maintenance, insurance, and provide 3 pools within the development. Property taxes should be approximately 1% per year. This should qualify for 3% down FHA financing, so check with your lender and add up the payments – it should come very close in a rent vs buy comparison!
[Added 3 hours later] I went over to see it, and it’s not too bad. (Click on the photo to see a larger version.) The interior needs some work, but it has 2 real bedrooms (not 1 + loft) and a bath between the bedrooms. The kitchen is small but functional, and the living room has a fireplace. Overall, it’s one of the better values on the market in Orange County today.