Two years ago this condo project www.ownmosaic.com was selling for an avg $250 a sq ft. 1br went for $200k, 2br's $250 to $290k and 3br from $300k. These units are now available for $50k to under $100k.
A fully upgraded 2br just sold for $95,000 the original owner paid $291,000, you do the math,
$95,000 (payments are $225 Hoa and $250 for taxes) t rents out for about $1100. That is a net of $625 per month x 12 = $7,500 or a 7.8% return per year.
The project was built in 2004 and is right across from the most upscale mall in Orlando the Mall at Millenia just off I-4 and minutes from Universal Studios and Seaworld.
If anybody is interested let me know.
Gary Cohl
321-277-8671
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