Weird location, is it still a deal?
Hello BP,
I might have found a deal. The owner is asking 48K for the house, it can rent for $750 a month and it is ready to rent. The house has 780sqft, 2 bedrooms and 1 bath. The only catch is the location. The house doesn't have access to a street, it is in an alley. Also, there is no off-street parking, but the tenants could park in the alley (the city is fine with this) or I could rent a parking spot from the neighbor.
I called the city and they said that they do plow the snow in that alley since the alley is actually marked in the city as a street. I think the house would appraise for 55K, but not entirely sure because of its location. I could build a parking space in front of the house if I do a retaining wall too. I plan on keeping it as a buy and hold property to generate cashflow. What would you do?
The empty lot next to the house (right) is actually not part of the house.