I toured a foreclosed property in my area that is a 3 bed 2 bath, large, open concept house. It's just shy of 1900 sq ft. Has a wood fireplace and a large deck outside. Structurally, the place is solid. The crawlspace is like 3ft with lights and a moisture barrier. The roof is new with proper venting and no signs of water damage. The house was built in 1989. Sits on 0.68 acres so a nice large back yard. There's a 3 car detached garage built pole-barn style. So concrete floor, but at the edges it's not sealed so you can see grass and such. There is what seems to be a 2 car attached garage converted to usable space because there is a huge bonus room. This room is big enough to have like a ping pong table and couches around all the walls and then some. In actuality, I'd really like to live in this house haha. The work to be done is all cosmetic. There's a hole in the ceiling where someone stepped thru. Needs new flooring and paint and trim and the kitchen needs a complete remodel. Overall, the place is great. If I purchased it, I'd move in and do a live in flip.

My focus is the BRRR strategy and this house is listed at 86k and would appraise for 150-170k says my agent, however I think it would appraise for the higher end of that (160s).

To me this property doesn't fit the "stereotypical rental house" I have in my head. Which is like a small house on a small lot with an attached garage and overall is simple. But this house with it's huge space, 3 car detached, and large backyard feels more like a home someone would buy and not rent. Growing up, the only place I knew of people renting were apartments or college kids. In my mind, no one rented a house unless you're in a city (I grew up in rural KY) and in my mind you wouldn't rent s property with this much potential.

Am I wrong? Are people renting houses that don't fit a mold of sorts? Are families wanting to rent properties with all this space? A friend who owns a house just down the road from this one rents a 2 bed with a small bonus room for 950 month and a 3/2 typically goes for around 1100 or so. I feel like a property like this should go for 1500 with all the extras it has. Not sure tho?

Any thoughts would be appreciated!

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