Micro House #6
We close this week on number six, it's a tiny wood frame house (500 sq ft) that the owner was previously renting for $500/mo. before he bought it. He had it leveled within the last two years (pier and beam). He asked $25k and we settled for $22k cash. Went to the bank and after closing they will give us a mortgage on it for $22K. So we'll be out closing cost which should be less than 1K and make ready (some paint and carpet). Estimate total out of pocket to be less than 2 thousand.
Rent $500
Taxes $510
Insurance $325 with 3% deductible
My first true 2% deal.