Updated over 8 years ago on . Most recent reply
Found you guys while deciding what to do with mom's house.
My mother just passed away and I now (as soon as probate opens formally) have an 1800+ square foot house to decide what to do with. This is a nice, quiet neighborhood in a suburb of Houston with good neighbors in the 3rd fastest growing county in the US. Most have taken great care of their homes and updated. Mom and my step-dad did not do much. I tried to do some things but they didn't want to. Step-dad died in September and then mom in February. The house was built in 1974 and has had new electrical and roof. They allowed a ginormous tree to continue to grow too close to the house and the best estimate to repair the foundation is 12K. I will need to redo the duct work and the water supply as there is galvanized steel that has started to develop pinhole leaks. As is properties in this area sell for around $95 per square foot. I don't know how to determine what current rents are. This would be my first rental. There is no mortgage owed on the property and the tax value is about 178K. I feel like I should rehab and rent, but I don't know how to start working the numbers. I would love some guidance and suggestions!