3 Rowhouses in Trenton
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.
Outlandish?
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.