First INTENTIONAL Rental Investment

[Meredith Fox]

Investment Info:

Single-family residence buy & hold investment in Cuyahoga Falls.

Purchase price: $73,900
Cash invested: $21,800

My very first rental investment was an accident (the hubs and I bought a new house and rented out our old one). This one was on purpose. It's a 3 bed, 2 bath single family with a fenced yard and detached garage. Good bones, but hadn't been updated since the 60's... it even had carpet in the kitchen! After 7k in updates and repairs it rents for $980/month plus utilities. My mortgage is nominal and the taxes in this community are VERY low. It's cash flowing $500/month.

How did you add value to the deal?

Quality tenants in this market want things to look nice, but they don't actually have to BE nice. i.e. floors that look like wood, counters that look like granite, and main rooms painted gray. I used every "look alike" product on the market to save on my budget while creating a house that shows really well. Of the 7k invested in upgrades we made back dollar for dollar on the reappraisal.