Making an offer, need advice
Home for sale about 2 blocks away from our first rental property (this would be our second). We paid $52k for the first property.
This rental is basically the same, except it's a brick home instead of siding like the first one. Listed at $48k and just added to MLS today, has 2 other offers already and they are waiting for ours to make a decision (gave us till 1pm tomorrow).
Outside in great condition, inside needs paint, carpet and bathroom needs to be redone. New roof, newer furnace and AC, newer windows. Kitchen floor has paint spilled in a spot so either it can be removed and floor is fine or need to put in sticky tiles over it.
I'm thinking of an offer about $50,500. Thoughts? We think the repairs would be around $5k. The other home we did about $2k repairs after purchase. So this would put us around the same price and it would rent for the same, $850+$100 for garage.
Did I estimate enough, I don't know how much it would cost for the bathroom. Looks like it requires a new toilet, new bathtub or surround, prob want to redo the flooring and has a vanity/sink already. Thoughts on that?
We bought property 1 Nov 2013, so it is the comp for this one.