Cheap Condos

As 2012 approaches (this is being written in November of 2011), there are cheap condos all over the country. So many, in fact, that the name of this website is once again totally appropriate. The criteria for the examples below is that the condos must have at least two bedrooms and be under $50,000.

There are two great opportunities in general here. One is to buy a home or second residence for yourself. The other is to start buying up all these inexpensive condos as rentals. Even after you pay the association dues there is great cash flow to be had with many of them. Just be sure that you are allowed to rent them before buying (some places require that you own it as a resident for a year first, and others just don't allow rentals). Here is some of what's out there right now...

Las Vegas, Nevada

Cheap condos are abundant here now. The cheapest one listed at the moment looks nice and was built in 1994. It has two bedrooms and two bathrooms, with over 1,000 square feet total. The price? $14,000. There are a total of 34 listings for $20,000 or less, and many more under $50,000.

Miami, Florida

How about 1,075 square feet for just $21,000, and only a fe miles from the beach? That's the low end, but the condos in the Miami area are all selling far below what they sold for five or six tears ago. I found nmore than 100 listed for $50,000 or less, and when you get above that price some of them they start to look pretty luxurious.

Atlanta, Georgia

There are condos selling for under $5,000 at the moment, but the listings look pretty rough until you get past $10,000. Hundreds are available for under $50,000. The time is right for investors in Atlanta. For example, I found one unit listed for $18,900, with over 900 square feet, and it is currently rented for $650 per month. Even on a cash purchase that has to provide a great rate of return.

Myrtle Beach, South Carolina

The cheapest condo for sale at the moment looks really nice, and is just $24,900, but it is in a senior living building, so there may be age restrictions. Fortunately there are abot 90 others around town which meet our criteria. Some are within walking distance of the beach (at least if you like long walks).

Denver, Colorado

There are relatively cheap condos here (prices did not fall as far as in other areas), with a few dozen listed for under $50,000. They look decent from the photos online, and the economy in Colorado has held up better than in other areas of the country.

Scottsdale, Arizona

While there are only about 30 for under 50k, the condos here are in one of the cities of Arizona with the highest per-capita income and the lowest crime rates. Several units are for sale under $35,000.

Cincinnati, Ohio

There are dozens of condos here that are selling for under $50,000, and at least ten going for under $30,000 at the moment. The handful that are selling for under $20,000 would probably make great rental properties.

Charlotte, North Carolina

There are over 60 units that meet our criteria here. The cheapest, at $6,500, looks like it's a fixer-upper, but there are several under $20,000 which appear to be livable as they are. Those are the ones that would likely make great rentals.

Austin, Texas

With only five or six units that meet our criteria here, Austin probably shouldn't be on the list. But from my research I think it is one of the best places to live in Texas, so it's good to know there are some cheap housing opportunities.

Chicago, Illinois

There are hundreds of cheap condos here, and they start at less than $5,000. In fact, there are 15 listed for under $15,000 at the moment. But to be honest, it is difficult to judge the neighborhoods from online photos, and most of the cheapest ones look pretty rough. There are probably many opportunities for income investors here.