Deal Analysis Advice in E. TN
Hi,
My wife and I just started looking for our first house around Chattanooga, and we came across this fixer-upper:
http://www.zillow.com/homedetails/6680-Hickory-Tra...
She wants a big house, and above all else I'd like to make a sound investment. We looked at it earlier today, and it needs extensive cosmetic repairs inside, and some structural issues outside (rotted soffit/eves). Windows look newer (last 10yrs).
We talked to a neighbor, who gave some insight. The owner owns free and clear, and wants to sell. He rented it for the last 5-10 years, and didn't keep up with maintenance very well, and was trashed pretty good by last tenents. The house is not insulated and he said winter utility bills were $4-500 a month. HOA fees are $60/mo, includes lawncare and community pool.
Is this a good deal to buy, fix, live in, and or rent/resell in a few years? Any advice is much appreciated, thanks. Also, I'm not sure of what other info to include, so feel free to ask if I've left something out.
Best regards,
Travis