Great rental in Portland

[J. Clark Baird]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,000
Cash invested: $7,000

A camelback house that was completely rebuilt. Has a first floor master bedroom with walk in closet and master bath. A hallway bathroom on first floor. 2 bedrooms upstairs with full bath.

House has 2 new HVAC systems (1 for upstairs and 1 for downstairs). New water heater. New pergo and tile flooring. New roof. New windows. New vanities. Walk in tile shower. New cabinets. Tile countertop with backsplash. New concrete driveway. New carpet. New electrical. New fixtures.

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

The quality of the work done on the house and the fact that everything was brand new since it was a complete gut job.

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

Bought from someone I knew.

How did you finance this deal?

Traditional loan along with using other property as collateral.

How did you add value to the deal?

Finished the upstairs, including the 2 bedrooms and bathroom and finished installation of the upstairs HVAC.

What was the outcome?

A wonderful cash flow property.