1st of many, 265 Weaver

[Collin Lee Johnson]

Hey everyone, I have been doing deal analyses with the help of BP for a little bit now, always saving the reports, tweaking and researching and messing with them to see what seems reasonable, but it dawned on me that as much as this is useful for me, it is also a detriment to not be sharing this and learning from people both in my area and from the community. As a result, I have decided to begin posting the analyses that I do on a daily basis get feedback from the community to better my understanding and expedite my growth, and who knows maybe make a friend or two on the way. So one shameless plug, if you are in the Minnesota area, southern, around the twin cities, or more specifically near mankato, check out the Mankato MN Area REI meetup group on facebook to meet more of the great people in Mankato MN. Anyway enough of that....

Here's the link, to give 'er a gander

House Number / Address: 265 Weaver Street, Mankato MN 56001

Description: 265 Weaver St, Mankato, MN 56001 is a single family home built in 1906. This property was last sold for $40,000 in 1998 and currently has an estimated value of $185,000.

According to the Mankato public records, the property at 265 Weaver St, Mankato, MN 56001 has approximately 1,667 square feet, 3 beds and 1 bath with a lot size of 7,314 square feet. Nearby schools include Rosa Parks Elementary School, Mankato East Jr. School and Mankato East Senior High School.

How are the numbers run:

• How much down 3%
• Interest 3.076%
• PMI? $90/month
• Taxes, High, low, etc: $1,800/ yr
• What makes it work, (not) feasible:

Location: South of the heart of Mankato, more suburban sprawl, tucked in that area off the university, I honestly have never been by it as far as I know. I think it’s on top of the hill in that region.

Marks in its’ favor, New siding, 2011. More quiet area, lower taxes, not too far away from a university (it’s a college town for goodness sake)

Marks against it bit removed from the nightlife scene of Mankato, but as has been mentioned in my previous posts this isn’t necessarily a bad thing, it just affects some of the market that has a large influence on this town. Can’t really see inside so that slows down things and makes it harder to judge, but looking at the outside that AC likely needs a face lift, which leads me to believe there are other minor things inside wrong with it

• Potential repairs
• 1 AC
• 2 other minor things, potentially cleaning the exterior based off pics
• 3

Thoughts: I like the place, and it actually doesn’t cashflow super duper uber negative in terms of lowering my rent. Granted it isn’t as good as or -5 but I haven’t found those places yet, and may need to refine my analysis, which is why I post these ha, but I digress Overall it’s in a great neighborhood which works to its favor and detriment and the property is nicely placed within that neighborhood to attract likely quite tenants.

Obviously most, if not all of you won't be from Mankato, or potentially Minnesota, but if you have the time to spare to give me some feedback, I am all ears and open arms. Looking forward to the chats, thanks everyone!