Another tiny Portico two bedroom (less that 900 square feet) that's listed for a loss. This is yet another building that was designed to be rental apartments that was converted to condos at the height of the boom. Based on the MLS pictures the unit is vacant and has never been lived in so you have to assume that this has been a pretty big cash flow drag on the investor.
Current Price: $425,000-450,000
Purchase Price: $469,000
Loss @6% Sales Expenses: $46,000
(Assuming highly unlikely full price offer of $450,000)
Purchase Date: 7/29/2005
Purchase Details: view