maintenance fees

What is the square footage on the apartment in question. The old rule of thumb was $1 per square foot, but I think that went the way of the 50 cent cup of coffee.

$1 low, $1.50 OK, $2 high. That's traditional, so doesn't hold anymore. $500 per room seems OK these days.

54 units supporting a doorman doesn't help.

What's the mortgage situation and are there any legal judgments. Your atty should do that as part of due diligence. Also, I just saw an ad for an apt. where it specifically said that the price was so low because the maintenance was so high. If maintenance might be expected to go down in the future on this apt. (depending on the underlying causes) that would be interesting info.

thanks for all the helpful comments. as you can see, we are neophytes in this market and probably have a lot to learn.

Very low maintenance can be a warning sign as well. Some board's keep the maintenance low and then levy assessments on a regular basis. Also, a low maintenance can signal that repairs and upkeep have been deferred (I know this from personal experience).

PS. NWT, where are you getting the number $500 per room? I'm not being snarky just curious.