Fix and Rent property in Ohio with a lot of character

[Craig Bliss]

Investment Info:

Single-family residence buy & hold investment in Steubenville.

Purchase price: $6,500
Cash invested: $55,600

Bank-owned foreclosure, with great bones, lots of character (oak flooring, leaded glass windows, built-ins...the list goes on).

What made you interested in investing in this type of deal?

Old house with tremendous charm and up-side potential in a decent neighborhood - a good rental market.

How did you find this deal and how did you negotiate it?

Bank-owned, no negotiation involved. Submitted an offer and waited until the loan holder responded. Property was listed on MLS and just happened across it when in the area.

How did you finance this deal?

Cash.

How did you add value to the deal?

Replaced roof, main systems, new kitchen, re-done baths. All floors were re-done, new windows upstairs.

What was the outcome?

Currently renting.

Lessons learned? Challenges?

purchase was based on emotion, not solid understanding of "numbers". Selling will be difficult - local ordinance now bans rentals in this neighborhood. :-(!