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Updated almost 8 years ago, 02/12/2017

Account Closed
  • Contractor
  • Simsbury, CT
13
Votes |
54
Posts

Bristol, CT 3 family advice

Account Closed
  • Contractor
  • Simsbury, CT
Posted

Hello bigger pockets. I'm currently looking into buying a 3 family house in a B+ neighborhood in historic federal hill area of Bristol CT. The house has completely been renovated and fully occupied at the moment. I believe it's a very nice first investment property for myself but kind of expensive. I will be using a FHA loan and house hacking for 3 years. I will also manage and do all the maintanice myself. Please help me analyze this deal thanks.

Listing link: http://www.realtor.com/realestateandhomes-detail/1...

Asking price: 299,999 

Down payment: 3.5% 

Taxes: 4,600$

Rents: 1st floor (3 bedroom 1400 sq ft)- 1250$,  2nd floor (3 bedroom 1400 sq ft)- 1150$ , 3rd floor (2 bedroom 1000 sq  ft)- 850$

Utilities: tenants pay for water, heat, and electric (separate meters) 

Beautifully restored huge 3 family home located in desirable federal Hill section of Bristol, close to ESPN and hospital. Immaculate condition, almost everything new, including kitchens and baths, all new replacement windows, hardwood floors professionally refinished with 4 coats of oil based polyurethane,all new wiring and electrical panels (all knob and tube eliminated), new plumbing and washer dryer hook ups in each apartment, new interior and exterior paint 2014/2015, newer cast iron boilers, 1st floor has additional natural gas fired high efficiency Rinnai direct vent wall furnace, State and local fire code compliant with all new 90 minute fire doors and modern whole house fire detection system. Front and back hallways complete with motion sensor lighting for reduced electric bill, and new emergency lighting.

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