4/1 SFH

[Rich Schroeder]

saw an REO property yesterday.

4/1, 1400 square feet two-story across from a school. Rather old...built in 1909. However it has updated electric, forced air heating. Rents will fetch $800/month, more with section 8. Needs about $4500 in work. ARV of $65k. Asking price: $21,900! SWEET! I immediately went to my agent's office and made a cash offer of $22,250. Supposed to hear back something today. I think the reason this house didn't sell sooner is because there were no pictures of the inside on the MLS. The inside is absolutely beautiful! Hardwood floors, ALL in great shape. Kitchen/bathroom are perfect. Large closets. Very impressive home that needs a paint job and a couple patches fixed in the plaster. The picture of the outside looks HORRIBLE. But all it needs on the outside is a good paint job. Got my fingers crossed on this one. I could have it rent ready in one weekend, then paint the outside when the weather warms up.

-Rich