Cozy rambler with private backyard
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $195,000
Adorable 3 bed / 2 bath rambler on a corner lot with a fully fenced backyard and sideyard. 2-car garage and location within a quiet neighborhood with shared park/playground space a plus. Easy access to the 84 and minutes from schools and recreation.
What made you interested in investing in this type of deal?
The entire Boise metro has been on the rise recently for a lot of great reasons (extremely cheap cost of living relative to Los Angeles, an outdoor enthusiasts dream with 80 mountain ranges in the state, and a great brewery scene) and Caldwell is a stone's throw away. This home is located less than five miles from schools and hospitals making it an ideal rental for teachers/doctors and also falls within the best school district in Canyon County.
How did you find this deal and how did you negotiate it?
MLS - drafted and submitted my own valuation to the seller
How did you finance this deal?
Conforming 30 yr bank note
How did you add value to the deal?
The sellers didn't stage or clean the carpet - deep cleaning done, fully occupied since Aug 2018!
What was the outcome?
The market was very competitive and offered $6k above asking ($189.9k) to try to close quickly and avoid a bidding war. It worked!
Lessons learned? Challenges?
Offering a small amount above asking with the guarantee of closing quickly can save you money in a competitive market - we were able to keep all contingencies and get this under contract without having to enter into an escalation situation.
