Another Rental Property! (This time a townhouse)

[Dawn Anastasi]

Okay, so I just posted back a couple of months ago regarding a 3 bedroom single family I bought on July 15th.  But, I had the opportunity to buy a 3 bedroom townhouse.

This deal actually started back in May! I visited the property as the owner had purchased from an older woman and basically wanted to flip it. So he listed it on Craigslist for $20,000. I went through, and saw that the property needed some work and the HVAC was older as were the appliances, so I offered him $16,000. He said no and that he would list it on the MLS.

So June goes by, he hasn't sold it yet. 

July goes by and he hasn't sold it yet.

August comes about and I follow up with him and let him know that I'm still willing to buy it for $16,000.  He says no, but offers it to me for $18,000.  I say no can do.

September rolls around and I again email him and offer $16,000.  He said he would do it for $16,500.  I stand firm and say no, $16,000 is my price.  (I wasn't budging even for $500!)

Now October rolls around and he says he will agree to my price of $16,000.  So we get everything arranged with the title company. There was a slight delay on closing because the condo association didn't get the paperwork to the title company in time, but it wasn't that much of a delay.

After closing I got the contractor in to get the work done that needed to be done (flooring, trim around the door, and some drywall fixes).

Now I'm having some showings (I have one tonight actually).  My goal is to get it rented on or before December 1st.

Here are some photos:

Kitchen - stove and fridge were included

Basement - washer/dryer were included

Half bath on main floor

The unit is 1,054 square feet and all 3 bedrooms are large enough to fit king sized beds.  The windows are all newer double-pane vinyl.  The carpeting is older, but other than being cleaned it should last several more years.  The windows all came with blinds or curtains.