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Decision made (maybe) on the house situation??

April 26th, 2010 at 04:28 pm

Ok, so the house that we were interested in went under contract last Friday --- after just 7 days on the market --- knew it was priced well! I didn't want to get into a bidding war of any sort so we just stepped away from it altogether. Probably for the best anyway as rash emotional decisions are the most dangerous ones!

Now, as I've posted, we have been looking for investment properties for about a year now. Nothing really pushed our buttons until one that we saw a couple of weeks ago. This little house on .75 acres is listed at $119k. If we can get it for $95k, I think it would be worth it to get and rehab. We are estimating about $12k in renovation costs. Then we could rent it or sell it, either option would be good for the neighborhood it is in.

What do you guys think about this little house?





living room



kitchen

Posted in Uncategorized | 4 Comments »

4 Responses to “Decision made (maybe) on the house situation??”

  1. creditcardfree Says:
    April 26th, 2010 at 05:53 pm 1272304430
    1272304430

    That house looks nice! What kind of work does it need? The pictures look decent for a rental. Do you really think you can get it for that much lower than list?

  2. all4money Says:
    April 26th, 2010 at 06:57 pm 1272308241
    1272308241

    From what we can tell, it needs a new garage door, replacement of the siding on the outside of the house, a new driveway, new windows, and new kitchen appliances. Everything else should be more minor cosmetic updates. Since the house is fairly small, the costs shouldn't be more than $12k after we totaled it up. We are getting a copy of the seller's disclosure statement soon which will tell us if there were any structural problems. If so, or if we move forward and order an inspection and it is found that there are structural, electrical, or plumbing issues, we'll walk away. We don't want to mess with such things for our first investment property, ya know?

    We are hoping that they'll come down that much but we do doubt that they will... doesn't hurt to try though. We won't pay more than $100k for it period so we'll just have to wait and see (of course we have to decide on putting in an offer first).

  3. elisabeth Says:
    April 26th, 2010 at 08:47 pm 1272314845
    1272314845

    Love the 2 big beautiful trees in the front yard but are they to big. Trees that large can damage a well/septic and break into a water line to a house. I'd do some due diligence on the trees.

  4. gamecock43 Says:
    April 27th, 2010 at 12:17 am 1272327444
    1272327444

    What kind of rent would it collect, and is it near a hospital, college or in a rentable area? It looks kind of isolated. But otherwise it looks great. For $95k that's a lot of land- so keep in mind the landscaping costs too.

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