An older couple > 65 years old has 3 row houses for sale for > 287 days. They bought these 3 during the boom times (high prices).
Bought home Price paid Ask price Sq-ft
home 1 June '06 $82.5K $81.9K 1460
home 2 Oct '05 $93.9K $76K 1120
home 3 Mar '06 $62.9K $77K 892
Homes 1 + 2 for sale in Dec 2013 $74.5K, 75.3K respectively. They initially put home 3 up for sale Mar 2012 for $112K.
home 1 $56/sq-ft home 2 $67/sq-ft home 3 $86/sq-ft
They are renting or have for rent all 3 homes. They live ~20 miles away.
They may also have at least one tenant from _____. This tenant ~family just broke the glass on screen door next to my property. So had to sweep glass into my lawn, when glass was revealed after snow melted. Took me a minute to find source of glass across mutual front porch.
This tenant is a twit, had one minor run in with them in my rehab phase. They threatened to sue since a tree truck was left over night on her/our property. She did back down, and truck (my contractors) left next day. Then learned she was a tenant!
How does one approach a couple like this? Bought at high time, etc. My thought is one must do a walk through with inspector + estimate any repair costs. Then inflated price - repairs. I might want to make it a pkg deal.
I have one prospective tenant asking if he can rent to own the one I just put up for rent after large rehab. I'm thinking Rich Dad game, one can bite off too much. But economies of scale is attractive.
@Mike Moreken Right now, Zillow lists 142 properies in Trenton available for less than (or equal to) $50k - and properties there are notoriously available at prices much LESS than their "Zestimate"! By all means go for the economies of scale, though you would be well advised to pay NO attention to how much those 3 Rowhouses cost during the boom times, and ONLY focus on what the "great investment numbers" would be NOW, and how those numbers can work for YOU! Agreed? Cheers...
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