Analysis on first property

[Deanna S.]

Hi, BP community. We would greatly appreciate input on this property just outside Cleveland in a B neighborhood that we looked at over the weekend and liked. SFH, 3 bedrooms, 1 and 1/2 baths, 1400 sq. feet, new windows, new garage, new vinyl siding, newer electrical, 2004 hot water heater, older furnace but working. Water is turned off so can't check plumbing (not a short sale or foreclosure). Foundation looks good. Don't know age of roof, yet. No a/c but a lot of houses here don't have it. Price $60-62k due to motivated seller, Rent $1050 (not occupied so would have to hold 1-2 months possibly to find good tenant due to Jan closing date and winter), Taxes $3419, costs to make it rent ready $5 - 8K. Colonial style, unfinished basement. All flooring good (carpet on first, vinyl kitchen, all wood upstairs for bedrooms).

Two car garage (new garage and pad). POS city and POS compliant.  

Highest rent would go on this street is $1100 if we make it shine.  Currently could rent for $1050.  Lowest price house on the street and city assessed at . Great location walkable to a vibrant little downtown.  Right now it looks good and livable just needs some updates in the full bath (vent, updated sink, minor cosmetic updates in kitchen + new fridge.  3rd floor (they are calling it a bonus room) is good for storage or could be closed off.  Could be made into 4th bedroom with insulation, flooring, heat added but wouldn't increase rent past $1100/mo.  Possibly could get taxes lowered with city but that is not a guarantee.    The city has assessed it at $84000 for tax purposes.  Definitely looks like a owner occupied street where people care about their houses.  Good school district.  

Thanks for your input.  We really appreciate it.  Want to hit a homerun with our first house purchase.