Hot Buy in Lake Forest 2 Bedroom Condo w/Garage!

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.

Exterior photo of Bank Owned Condo


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