Condo Investment property in Waterloo
I am about to sign an agreement for a condo roughly 620 sq ft in Waterloo. Price is $475k with parking included. 10 minutes walk from University of Waterloo. 1 bed + 1 den. The closing is in 2023. Maintenance 0.35 per sq ft and similar 20% by closing deposit structure. Apparently builder is also guaranteeing $2k rent per month for 2 years. How does that work? This is all I can afford unfortunately. I would have been interested in towns in Kitchener which I heard were $640k but there are none available in preconstruction?
All in all, do you feel this condo is a good investment? It’s my first ever. I am comfortable where I live and solely am buying this for purpose of renting out to family or students. Thanks