Closed my first deal last week. Pictures!
So this property was a VA foreclosure listed for $96,900 3/2 1400 sq ft house, dual cooled, 9500 sq ft lot, built in 1980. The carport was enclosed in 2008, but was listed on the MLS as unpermitted. I found the permits for the space, as well as the tax records showing that it was being taxed as a 1760 sq ft home.
Carport enclosure addition
I found the average sqft selling price in the area over the last year was $77. Which would make the house about $109k @ 1400 sqft (good deal to live in, not as a flip), but at 1760 sqft it is $135k. Now it needs some upgrades, bathrooms, and the kitchen especially - but the layout is good.
Guest Bath
Master
Laundry room, large and lots of storage, floor to ceiling cabinets not pictured.
The backyard is very nice for this area.
I got it for $98k after a multiple offer situation. 20% down 15 yr 3.375% loan (I don't like paying interest very much). Payments are $710 a month (15 yr mortgage mind you, including insurance and taxes) and would rent for $925-1000 a month. I plan on staining the kitchen cabinets, adding draw pulls, and laying down new tile. The bathrooms would get new tile and vanities, with a double in the master and new shower.
There are 3 houses for sale in the neighborhood, with 2 under contract. One is 3/2 1238sqft with 7,800 lot for $129,900. The other is 3/2 1477 sqft with a pool for $155,000. If they close, that would make $105ish a sqft.
This house I will live in for at least a year, and then rent out if I can find another deal.