I recently put a contract on this property in Parma, OH
I'm located in Dallas, so I hadn't actually seen the property. My offer for 55k was accepted, and I sent $1000 earnest money. But! I was looking more closely at the pictures on zillow (which I should've done before) and I noticed that the only full bathroom in the house seems to be off of the kitchen! (The bedrooms are upstairs). Additionally, the house doesn't have a basement, and 90% of the comps do, not sure how that would impact rentability/resellability.
Do these two things seem like a deal-breaker to anybody? Or are they not a big deal?
Also, what happens with my earnest money if I back out now?
Thanks for your advice!
@Federico Gutierrez would love for you to chime in
They may hold the earnest if you back out. Just depends on the company.
What is the layout upstairs? Can you add a bathroom?
In regards to EM not an issue. You'll get that back.
Off the kitchen bathrooms are a common layout for older homes in Cleveland. I know it's not ideal in todays market but when house was constructed in the 1930 it was the go to design. You are correct that the surround properties do have basements. But this property is $10-15,000 cheaper than the surrounding properties.
I'll shot you a PM to discuss more. But you need to feel sold about your investment always in the end.