Got my first property undercontract!

[Scott Bartlett]

I just got my first property under contract! It's all finally starting to happen.

Purchase Price: $8,750
Square Footage: 490 sqft OR 820 sqft**
Bedrooms: 2
Baths: 1

I hope to put in about $8,000 in improvements, and get $450 to $500 a month rent for the property.

This property has been gutted, with no flooring (new sub-floor), no furnace, about 60% of the property has new drywall while the rest has no drywall, the kitchen needs gutted also. It's got a metal roof that looks like it needs to be powerwashed and painted. Upon second inspection, there was a roof vent with no cap of any kind, therefore allowing rain to come into the property. Don't know the full extent of that damage yet, I have an inspection happening today so I'll find out more then.

The property is right alongside a railroad track also.

**The squarefootage is in question because the county tax records state 490 sq, and the Realtors list it as 820 sq. The property is bigger then the 490 sq the county has it listed under, so I don't know if they did not include the addition or perhaps some of the attic has been added to the living area.

The other issue is, the 2nd Bedroom is almost too small to count as a bedroom. If I had to guess, it is about 6' by 10' (no closets).

I want to market this as a 2 Bedroom, 1 Bath Rental, but I will not be able to get a family because the bedrooms are on separate floors and the the fact the room is too small.

Anyone have any experience with rooms that are WAY too small for a bedroom even though you want it to be?