Mr._Graybeard
Thinks s/he gets paid by the post
- Joined
- Apr 18, 2011
- Messages
- 2,997
Well, it's actually two doors down, on a rural dead-end road. It's a 1972 ranch, all pretty much original except for the roof, which is maybe 20 years old. Furnace is also newer but age unknown. Previous owners, who lived on the property for more than 20 years, lost it to foreclosure. Lot is 2-plus acres with fantastic 20-mile views. Well/septic.
It's one of five homes on the road, kind of a self-contained cluster at the edge of a metropolitan exurb. Working farms all around, but residential development encroaching quickly. Two cities of about 20,000 within 10 miles.
The house is cosmetically well maintained but dated. Previous owners were struggling through the 2000s financially, so I fear some major maintenance (like septic $$$) might be in the future. But the price is hard to pass up, $149K. That's $50K-$75K less than similar properties in the area.
I don't aspire to be a landlord, but I'm uneasy at the prospect of new neighbors in the cheapest house on the street. I could get $1200/month rent, I'm sure.
My wife is embracing this idea. I'm ambivalent, but I think it could be a solid investment albeit a non-passive one.
Any gut reactions to this scenario from those seasoned in residential real estate? Thanks in advance!
It's one of five homes on the road, kind of a self-contained cluster at the edge of a metropolitan exurb. Working farms all around, but residential development encroaching quickly. Two cities of about 20,000 within 10 miles.
The house is cosmetically well maintained but dated. Previous owners were struggling through the 2000s financially, so I fear some major maintenance (like septic $$$) might be in the future. But the price is hard to pass up, $149K. That's $50K-$75K less than similar properties in the area.
I don't aspire to be a landlord, but I'm uneasy at the prospect of new neighbors in the cheapest house on the street. I could get $1200/month rent, I'm sure.
My wife is embracing this idea. I'm ambivalent, but I think it could be a solid investment albeit a non-passive one.
Any gut reactions to this scenario from those seasoned in residential real estate? Thanks in advance!