Cheap Condos

By Steve Gillman

As of 2014 there are still cheap condos all over the country. So many, in fact, that the name of this website is once again totally appropriate. The criteria used for the towns below is that there must be condos with at least two bedrooms and 800 square feet under $100,000.

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 some 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, other limit how you can rent it (minimum periods, for example), 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 ones start under $50,000, although they seem to be mostly short sales in this price range. A short sale doesn't always go through, and when it does it is often for more than the asking price. But under $100,000 there are dozens of decent places to buy.

Miami, Florida

It is safe to assume that the two condos listed for under $10,000 at the moment are rough, and short sales and foreclosures fill the listings in every price range. Prices have clearly been rising since we first created this page in 2012. You can still find some condos for under $60,000 if you are willing to look at foreclosures and short sales.

Atlanta, Georgia

There are condos selling for under $10,000 at the moment, but the listings look pretty rough until you get past $20,000. It isn't easy to get information on the association dues because real estate agents are second only to used car salesmen in sleazy practices, so they do not offer this crucial information for most listings. There are about 160 condos under $100,000 in Atlanta at the moment, and by the time you get up to $50,000 you'll be looking at units with 1,500 square feet.

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 about 90 others around town which meet our criteria. Some are within walking distance of the beach (at least if you like long walks).

Cincinnati, Ohio

There are dozens of condos here that are selling for under $60,000, and at least ten going for under $30,000 at the moment. The ones in that price range would probably make great rental properties.

Charlotte, North Carolina

There are over 40 units that meet our criteria here. The cheapest, at $9,000, looks like it's a fixer-upper, but there are several under $50,000 which appear to be livable as they are. Those are the ones that would likely make great rentals.

Chicago, Illinois

There are hundreds of cheap condos here, and they start at less than $10,000. 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, and some decent homes for around $50,000.

Recently removed from this list because of higher prices:

Denver, Colorado
Scottsdale, Arizona
Austin, Texas

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