My current SFH and some #'s.
Hi,
I just joined the forum and figured I'd post about my SFH.
I've owned it for over two years now. I purchased it in the Wilmington, NC area. I researched the process and neighborhoods for a few months before even contacting a realtor. I saw between 5-10 houses before putting in an offer that was accepted.
The property is a 3 bed 2 bath SFH. It has a garage and fenced in back yard. A gas fireplace, new appliances, new windows, and a new roof. Its 1200 sq. ft.
Purchase price: 135k
I put 20% down that I had from previous stock investments and some savings so about 27k
My "rehab" consisted of painting, yardwork, replacing toilet seats and light switches. Just minimal stuff that I was able to do myself. Total cost was around $500.
I went through a property management company as this is my first investment and I knew I was going to be out of the area for a couple years (PA school). I had multiple people apply and had tenants move in after about 10-15 days of the property being for rent. I rented it for $1250.
Over the first year I had a decent amount of maintenance costs, just lots of small stuff that added up. I had to replace a section of the fence (biggest cost), a minor repair to the AC unit, repair the garage door opener. Just lots of little things that the tenants found that I agreed needed to be fixed. Probably spent about 1k, I have the numbers but not with me at this time.
After the first year I increased the rent to $1300. My mortgage is $675. I currently pay $156 to property management. They were totally worth it the first year, but don't do much now that the tenants have settled in. They tour the house twice a year and send me photos of the property along with any repairs they think are needed.
I think that's about it for now. I was putting more towards the mortgage payments but have decided to save that money towards property #2.