I bought a bank owned unit in my condo development for $39,000 & closed on it today. We don’t have as many foreclosures as a lot of other places do, but prices are still low, although this is way below the current market value. Since it’s smaller than my current unit, I plan to rent it out for a few years until I can sell it at a good price.
The unit is in pretty good condition, with new tile floors, fresh paint, and an enclosed patio, although every switch & electric outlet was removed and the wall is damaged in a few spots from mirrors being removed. I already have someone interested in renting it, so I’ll be busy the next few days fixing it.
I took some pictures of it, which I posted here.