I Viewed My First Property

[Kevin Connell]

I found a house on Zillow located in Siloam Springs, Arkansas, about twenty miles outside of the more heavily populated I49 Corridor of Northwest Arkansas. It is a Depression-Era, 1930 single family home with Art Deco design elements located about a block from the city's rejuvenated downtown area, where there are shops and restaurants, and across the street from The Siloam Springs Museum. You can look down the hill from the front of the house and see the downtown area. The neighborhood, called Alpine Heights, is all about the same age as the house and a mix of those that have been rehabbed and those that need it. The one I'm looking at is the latter.

One thing that intrigues me about it is that it has a detached garage that, at some point, was being renovated to become an apartment. The place is zoned for multi-family. There is no driveway; just a gravel alley to access the garage. Otherwise, parking is on the street. I'm not sure whether to have the garage be a garage, or an apartment.

I've never renovated anything so I don't know where to start. I feel certain that the 1930 house needs a home inspection. I also suppose I need a general contractor to put a number on the rehab. I also need to put an offer on the house. I just don't know in what order to do these things. I don't really want to spend money needlessly. 

The asking price is $135,000. The ARV is around $169,000, I think. It is tenant-occupied at $500/month. Fully rehabbed that would be more like $950 for the house and $700 for the garage apartment.

I would welcome suggestions.