Possible buy and hold
Good Morning,
First real time to test the waters here. I am looking to make a buy hold purchase.
3/1 in a rural setting with a tornado shelter in a suburb 15 minutes from downtown Tulsa, OK.
Been on the market 447 Days and started out at 84,900.00.
Recently, within 77 days, relisted at 44,900. Currently at 39,900. It is a short sale and the owners still have control. Remodeled just a couple of years ago.
Condition - House is solid - Carpets need ripped out and tile put in to buy and hold - back porch/deck needs some attention.
About 4k in cleanup and repair costs.
Area rental numbers for similar houses:
3/2 - 700 about half mile away
2/1 - 625 about a half mile away
3/2 - 725 same distance
2/1 - 600 same distance
All currently rented so those numbers should be pretty accurate. The only thing I did not get, didn't ask but should have, occupancy rates and tenant turnover averages. Just didn't feel comfortable asking that question. I don't know why, is this something folks ask the owners of rentals when they are looking to purchase in an area?
Average to low crime area. Very private street/area.
Realtor, if they figure out how important communicating is.......another story......, is getting me comps.
I wanted to line this out for opinions here and suggestions in making an offer to the owners that will have to get bank approval. I am thinking 30K would be a good starting point.
Thanks so much.
John