3/1 Cottage on 1 acre near the Rogue River in Rogue River, Oregon

[Robert Pardee]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $84,000
Cash invested: $25,000

House was gifted to me from my family. 3bed/1bath Cottage (built 1955) with a detached garage on 1 acre with irrigation, and 300 yards away from the famous Rogue River. Up-graded the interior, remodeled the bathroom, floors. Added a deck and upgraded the landscaping.
Has been a rental unit since 2019.
Property has potential to be 4bed/3bath but am saving money for the project. There is no mortgage on the property.

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

Because the house was gifted, it made sense to rehab and rent out, instead of selling right away. There are houses selling for $750k up the road that have either been new builds, or rehab/flips. Because of the property's location on a pristine mountain near a famous river, it made sense to hold this investment and build equity.

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

This deal fell in my lap when my parents bought the house and gifted the property to me.

How did you finance this deal?

Family...

How did you add value to the deal?

By being an amazing son :)

What was the outcome?

4 years of rent on a debt free house!

Lessons learned? Challenges?

Getting to know the County's zoning and building permit policies and requirements. By learning what I could do with the property as it's zoned now, I avoided making costly decisions.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Because this property was