Investor · Grand Rapids, MI · Member since 2012 · 224 posts · 40 votes
I have a home in decent shape. Seller is motivated and wants to sell by the end of the month. He has about $4.7k in property taxes, and he'll borrow money from a friend to pay the oldest tax to keep the property, but would just rather sell by the end of the month.
comps are 60k range
Avg rent for area is $800 on rent-o-meter
taxes at 4.7k (included in price)
not sure what to estimate for repairs, but it could use paint, carpet cleaning, new toilet, and new lighting in partial finished basement.
Asking $38,000 obo
Well repairs are not going to cost you too much, if that is all the items you listed. Are you going to finish the basement? If you are keeping this as a rental I'd factor in some repairs down the line, HVAC, water heater, etc. How's the area?
Area is really nice and I think the home prices in the area reflect that.
As for the basement I may have misunderstood what partially finished basement means. In this case half of it is finished, and on the other side of the wall is the unfinished side with the water heater, furnace, washer, dryer, mop sink, and fuse box. Does that mean finished or partially finished?