I'm looking to make an offer on my first investment property and recently came across a potential deal to fix & flip or BRRRR. It's a 3 bed/2 bath but I have a couple concerns.
- The 2nd bathroom is in the basement and has no door. While it functions, it's not a legal bathroom.
- The 3rd bedroom is above the bathroom on the main floor. It can ONLY be accessed by walking through the bathroom.
Has anyone encountered something like this before? I think after fixing the place up I could rent it for 1200-1500/month but am concerned that with this bedroom my rental pool (and buyer pool) will be greatly diminished. Here is a link to the property:
The asking price is definitely too high... but I want to see what people think of this.
Wait so you have to walk through a basement bathroom, then up a flight of stairs to get to that bedroom you're talking about? Weird, if so.
Are there feasible options/locations to cut a door opening to allow for alternate access into that bedroom? This is a pretty simple project if you have a wall / access spot to cut through.
Ok that "bathroom" in the basement is basically just a toilet in the open....next to the washer and dryer...... how convenient :). The positioning makes in kind of hard to wall it in without moving some stuff around..... doable but kind of a PITA and more cost..... I would not count that as a 'true bathroom" when you are running comps....
So on the main floor you have a bedroom and bath........ but to get to the 3rd bedroom, you have to walk through the bathroom to go upstairs to get to the other bedroom.......correct?
That's weird...... I assume the upstairs bedroom is some converted attic space or loft......
Kind of weird and its going to be a negative as far as desirability if you cant change that I some way
You should be getting a significant discount for buying a property with such a weird layout, and when you run your due diligence assume your rehab will include some changes to the floorplan. Everything can be a good deal for the right price.
As far the bathroom in the basement, I'm not sure why you cannot just add a door, but if not, add that to your calculation.
I would definitely push that in your offer (I'm with what others have stated above; a significant discount should be requested compared to their asking price). The photos of the place look great, but that's such a weird set-up for a bathroom/bedroom situation and that toilet is placed in such a random spot, there's really no way around it. You'd probably need to tackle that as a rehab project so no one faults you for pushing for a lower price. @Bret Habura