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Updated about 9 years ago,
My Hell House! :)
I've been loving the podcast, and am looking forward to my first successful deal coming up this month. But, I have this hell house I purchased in 2007 and I'm wondering what you guys would do with it.
Market: Portsmouth, VA
The good:
- Refinished hardwood floors that are lovely
- Nice looking neighborhood and street
- Big living / dining / kitchen / front sitting porch
The bad:
- Duplex that rents for max $800 each unit, mortgage is $1800 (2 units that are 2/1), tends to attract young navy couples who move away in a year
- Bottom unit has been empty since September
- I live out of state
- They just put expensive tolls in for the tunnels
- Ranked some of the worst schools in the US
- Upstairs has a failing A/C
- Downstairs has no central air, and a gas boiler heater on it's last legs
- Small bedrooms with tiny closets
- The garage looks like a murder shack with doors hanging off
- Ceiling in downstairs bath has a bit of water damage that is ugly
My thoughts:
I'm going to try to see if I can refinance it and roll a bunch of these expensive repairs into it (new A/C for both units, fix garage up, etc).
I had also considered turning the big living room into a 3rd bedroom with half bath (the dining room is big enough to become the living room). This way I can list it for families, but that's a bit of a weird layout and the quote is $14k to do it. Worth it?
Anyone have suggestions? I'm drowning in frustration with this thing.
Looking forward to getting past this and into some awesome deals though!
Thanks