BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated 11 months ago,
how will "elderly owner passed away at home" affect my BRRRR? Looking for advice
I just have a house under contract, and it's my first deal. The owner (87 years old) passed away at home peacefully. I was not concerned about this when I placed the offer. I really don't care about the elderly passing away naturally in a house, even if I live in that house. However, now I am thinking about renting this house out. How big a problem will this be? I don't know what a renter will think. Do renters care? How do I convey this message to renters? Do I just show the house or do an open house? If someone is interested, I casually mention, "previous elderly owner passed away at home peacefully?" In California, any death within 3 years must be disclosed. House is under contract for 410k, (3/2, 1500 SF, 6000 SF lot, 3 car garage, built in 1987), repair budget 40k, after repair value 520k, rent $2650. The close comp will be newer homes nearby: brand new 3/2 house with similar size (but 2000 sf tiny lot) is sold at $520k, rent $2800-2900; similar aged home with outdated interior is the area is rent at $2500-2600.
Looking for advice.