Rental Property to Purchase For Rent - Poor Parking

Rental Property to Purchase For Rent - Poor Parking

Real Estate Investor · Columbia, PA · Member since 2017 · 28 posts · 5 votes

Good Afternoon,

I have a single family home that is up for sale that i'm looking to potentially purchase. All the numbers work out well in my favor. The only down side is that there is literally only 1 parking space and no other off street or even on street parking. It's a 3/1 and i'd keep it as such. The numbers aren't high enough to flip, but work out well to fix up and rent and a cashflow of $302/mo+.

My only concern is the parking situation. Am i limiting the audience that would be willing to rent. with a 3/1 you almost expect 2 cars...

Any advice? Walk away or do the deal?

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  • Minneapolis, MN · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    will for sure affect the renter pool,, any garages or potential to expand driveway , does it have a garage ?  can you alter garage,, do a pull thru garage - garage door on both ends so you pull thru to back yard.. and or you use any other area of the yard for legal parking,, is it a corner lot.. I'd call city and find out before you pull the trigger..

  • Real Estate Investor · Columbia, PA · Member since 2017 · 28 posts · 5 votes
    9y

    Unless you literally take away part of the house, it wouldn't be possible. There's no back access from the back of the property. No car port or anything like that. The thing I'm afraid of is purchasing it and then not being able to get a tenant in. This is a good cash flow as long as there's a tenant. Lol

  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    9y

    @Account Closed , is there space in the front yard to make an extra parking pad? Not every property makes a good rental. If it's close to public transportation, then maybe but if there's nowhere to park anywhere close, tenants either won't live there or won't stay. Run your numbers again but double your vacancy expectations and don't offer more than the price that makes you money now.

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