Garage or No Garage?

Question

Hey everyone , real quick, i just came across a decent deal price wise (-175K from comp with garage) its a 3/2 duplex 1100 Sq Ft  but has no garage or car cover. thoughts on demand for something like that or challenges ill run into with that decision?

Robert-Lee Pass · Answer

Thanks for your words. Yes the deal seems to be pretty good 17-27% CoC depending if seller covers closing or not.

I'm thinking a 2 car carport about 5-6k quality level and a fence installed i bet this thing would hold a tenant nicely .. I think I'm going to give it a shot . the cash to close is so low i feel i cant go wrong

James Carlson · Answer

@Robert-Lee Pass

Obviously it depends on the location and condition of the property, but $175k for a 3br property (of any kind) here in Colorado Springs seems like a good deal.

Theresa Harris · Answer

Build a carport out of wood/metal and make a permanent structure. The neighbour's that blew away was anchored to the ground, but it was a simple metal one from a box store (which are not permanent) and didn't have concrete footings.

Robert-Lee Pass · Answer

Yes sir market rent difference is 50-100$ per spot per unit (so i 1 car is 50 less than a 2 can and no garage is 100 less per side. About the wind i do live in Colorado but i assume we connect the carport to footings and anchor it for something like this .. plus permanent install translates to a permanent land improvement instead of just sitting it down on the ground and calling it a day

Theresa Harris · Answer

Depends on the area.  Find out the cost to build a garage.  Where I am it would be about $20-30K. It gets too windy where I am for one of those covers from a box store to work (they'd blow away and end up down the road-and that did happen to one person). Lots of people seem to use their garage to store stuff rather than park their car.  The house should be priced less due to the lack of the garage.

Garage or No Garage?

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