House #2, accepted offer

[Carl C.]

At the risk of counting my chickens before they hatch, I just had an offer accepted on our second SFR yesterday. Our initial offer was presented in October so this was a long and at times exhausting process. I'll get more into that with some lessons learned as paperwork gets finalized in the coming weeks.

As far as work goes, this house is in very nice shape. Extremely well kept. The current owner is 70 and he was born in the house. He takes great pride in his property. There are two big projects. #1 is asbestos removal from heating pipes in the basement. That absolutely MUST be removed properly before anyone gets in there. #2 is converting the dining room into bedroom 4. This is fairly simple. We will be hanging a door where there used to be one. The dining room was a bedroom years ago, so relatively easy conversion. 4th bedroom is critical as we will be renting to college students and 4 bedrooms are the most popular in the area. We may convert the furnace to natural gas from oil. That's yet to be seen. We will see what else pops up in the inspection, but I couldn't find anything else this house needs. It's in excellent shape.

As for numbers, I don't want to go into too much detail yet (trying not to count those chickens) but the asking price was 210, They accepted 182. Expect to rent for 2600. More details in the coming weeks.