Would love to see someone work a deal on one of these!

4 Replies

While looking at local listings in the Portland, OR and Vancouver, WA area I found a couple that stood out.  As a new investor with a growing family and no down payment I figured I would pass these listings on in hopes of being able to tag along and see how a seasoned investor evaluates, lands, and manages something like this.

The first place is in Vancouver, WA and is listed at $124k.  In my research it looks as though similar units in the area fetch $1100 - 1200/mo rent.  The thing that seems a bit odd with this listing is the listed sqft.  The listing indicates a 2/1 1664sqft unit while public record shows 3/1.5 864 finished with 800sqft unfinished.  The similar rentals in the area are based off 2/1 864 sqft, is it possible to finish the basement and get 2 for 1 out of this?  Listing:

https://www.redfin.com/WA/Vancouver/2514-Franklin-St-98660/home/14566699

The second place is in Camas, WA where I currently live.  The unit is 3/1 $130k 1168sqft.  It looks like it can use some updating but the area is VERY desirable and this unit can get $1300 - 1400/mo and most likely bring in long term family tenants.  The school district is the best around and this is right next to a great park. Listing:

https://www.redfin.com/WA/Camas/215-NE-14th-Ave-98607/home/14629424

If anyone familiar with this area find these to be a good purchase and decide to jump on one can you please show me the ways?

Thank you!

The Vancouver property is a HUD home. They don't always have the most accurate listings. (I found an extra bathroom in a Portland HUD home once, it was a nice surprise.). There may already be a finished basement based on the tax record, but it also might not be permitted.

I wouldn't be interested in this one because it's a corner lot on a very busy street.  Did you check it out on Google Maps?  Some people don't care but "no busy streets" is one of my rules.

I love looking at properties, it's an addicting pastime!

Thank you for your insight Jessica, I wouldn't have thought that the listing could be wrong due to HUD not having updated info. Do busy streets generally equate to lower rent or harder to rent to?

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Originally posted by @Kevin E. :

Thank you for your insight Jessica, I wouldn't have thought that the listing could be wrong due to HUD not having updated info. Do busy streets generally equate to lower rent or harder to rent to?

 I'd say a little of both.

Kevin Elwood

You might want to revisit your rental rates in this area. You'll be very lucky to get the rates your looking at. While it looks good on paper that doesn't mean you'll get renters at that price. Check out Craigslist, and also cal around to local property management companies to see what the rates are going for.