2 for 1 property opportunity: Need some seasoned investors advice

[Bo Baker]

Hello all,

I am new to BP and am currently spending every spare second of my time researching and learning about Real Estate. I am located in Spokane, WA where the market was "hot" all summer and is now leveling out a little and is stable. I have been doing my best to educate myself and network with local real estate investors to enhance my knowledge and speed up the learning curve. But, I think I have just found an awesome deal and wanted to run it by some of you to see what you think and to hopefully get some advice on what to do. 

PROPERTY INFO

Zillow Link: https://www.zillow.com/homes/for_sale/23514903_zpi...

Additional Info: https://cp.spokanecounty.org/scout/propertyinforma...

Price: $154,000

Property taxes: $2,100/Year

Estimated Rent: $750 Each

There is a smell, kind of smells like cat urine that I've heard is also the same smell as meth? If this is the case could this be a big problem that is unfixable?

Type: Two separate properties, a 1/1 with an upstairs that could be usable as a bedroom, and a 2/1.

Extras: Three way carport and a off unit that has a side for a car and another side for storage.

Location: A corner lot that has a busy street on one side and across the other street is a aluminum can recycling center.

What other information can I provide to help you all out?

Thanks ahead of time for your input.

[Jacob Evans]

My notes at 1st glance:

- If it's cat smell then it's an easy fix with some primer. If it was a meth lab you'll need to contact the city to obtain special permitting as well as testing to ensure that it doesn't have toxic chemicals and is safe for occupancy. In general, unless there is other evidence. other than the pee smell, to suggest that it was once a meth lab then you're probably safe to assume that it's from cats. 

- 154k seems high for a 1/1 & 2/1 on a busy street across from commercial/industrial lot, unless maybe they're in great condition. $750 for rent also seems like a high estimate for a 1/1. Check out www.rentometer.com for rent estimates.

- What is your exit strategy? 

- It would be prudent to get a few bids from local contractors. You won't know if you have a deal on your hands until after you get resale and rehab estimates. 

- Kudo's to you for getting a 2nd and 3rd opinion on your deals. Stick with that habit and you'll avoid a lot of costly mistakes. You make/lose your money when you buy. 

Hit me up if you ever need a second opinion on any of your deals. I'm always happy to help a fellow, local investor.