First SF rental purchase

[Mason Schreck]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $170,000
Cash invested: $34,000

SF bungalow in historic Beaverdale. Originally planned to utilize as a STR, however it is currently being utilized as a mid-term rental.

What made you interested in investing in this type of deal?

Wanted a cozy house, centrally located in the Des Moines Metro for STR.

How did you find this deal and how did you negotiate it?

Zillow, not much room to negotiate, was listed at 175,000 we got the deal for 170,000

How did you finance this deal?

Traditional lending, 30 year fixed-rate

How did you add value to the deal?

Cosmetic updates on ground level, fixed basement stairs, plan to finish the basement.

What was the outcome?

Got mid-term tenants in it within two weeks. Currently this is cashflowing ~$500-$600/mo.