Last week I closed on a 2 bedroom, 2.5 bath condo in Cordova near Wolfchase Mall. The tax assessor has it appraised at $62,500. The seller wanted $50,000. I offered $43,000 with the appliances and she took my offer. There is the $150 association dues that seems high to me, I don't plan to have it that long. My exit strategy is two-fold. I want to replace the carpeting with new carpet and replace the old vinyl floor in two baths with new vinyl. After I do that, I will simultaneously advertise it for sale and for rent for around $900. I don't expect to get that much, but you never know. I will either sell it rented or vacant. Rented, I think I should be able to get at least $60,000. Vacant I should be able to get around $53,000. Either way I come out nicely.
