Sick of me yet? 423 Byron St
Hey guys, day three of whatever this is, once again I recognize most of you aren't from my area, but any eyes or ears on this would be appreciated, and you never know where things like this will lead you. At any rate, in the usual form:
Here is number one, the owner occupany
And here is number two, post occupancy
House Number / Address: 423 Byron Street
Description: Absolutely stunning property that is in that nook of the sorority and fraternity housing market of MSU with plenty of rooms and a fully finished basement.
How are the numbers run:
- How much down 3%
- Interest 3.076%
- PMI? $90/mo
- Taxes, High, low, etc: low for the city, seemingly average for the area overall, I ran them at 1650 a year, a slight step up from 1600 of 2020, and historically they are at highs based on these trends
- What makes it work, (not) feasible: honestly as a house hack, it is something that makes sense, not a lot of bathroom stuff, but the numbers are great for owner occupancy, it doesn’t actually cash flow as non owner occupancy, and in this current market for a newb the leverage just isn’t there for me yet, so for me a partner would make this work to shoulder the burden and eventually turn this into a better place, and potentially get more rent out of it.
Location: MSU Sorority / fraternity areas
Marks in its’ favor tons of work done to it, furnace, a/c, roof, misc and windows. So there is a lot that wouldn’t need done, plenty of rooms to either do rent by the room, air bnb, steady tenants, etc, lot of options but with that comes a lot of headaches. And overall it’s a cute little house, nice appliances, good walls, it’s nice
Marks against it a bit small, a ton of rooms which gives a ton to think about and screen and manage, but that is rife with opportunity so maybe scary is a better way to say that than bad.
- Potential repairs
- 1 none, I mean whatever misc housework comes up but honestly none that I can SEE key word, SEE as this is purely speculative based off internet pics and documentation
- 2
- 3
Thoughts: it’s a gorgeous house in a great area that would more than likely get rented out fairly quickly, that said with those quick rentals you never know who you are going to get, and this house is clearly not for many people kind of coalescing, it would be pretty tight, and a little weird having numerous people living in that place, but it could work. More than likely a nice regular couple or something to take on some space and air bnb out some of the rest. Overall it helps my bottom line and it’s possible to get more out of it I feel, but I like to run lean.
I think that I am being a bit light with the rental numbers for post occupancy, but then again with vacancy built into that as I feel it would be harder to get a lot of tenants to fill those beds, and any potential incurred damage based on the audience's age, these numbers seem balanced to me. Looking forward to hearing back, thanks as always community!