Single Family in Home Town

[Michael Hooper]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $142,000
Cash invested: $142,000

3 bed/1 bath. Will be renovating and raising rent once tenants lease is up

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

Auction

How did you finance this deal?

Cash

How did you add value to the deal?

Will be remodeling to convert to 3 bed/2 bath house.

[Michael Hooper]

@Jeremy F. It was a 3/1 when I purchased it. It's renting at $900, market rent for that area is about $1200 for that area for a mid grade 3/1. When I do some cosmetic updates it should be able to pull that, and if I add another bath, it should go for around $1300. It's not the best cash flow, but there is a good chance I can divide the lot and sell it off which would make a really good roi. Also people are starting to pour a lot of money into that part of town fixing up old houses. I think there's going to be some good appreciation in the long run.