231 Bradley Street, day two

[Collin Lee Johnson]

Hello bigger pockets community, as implicit in any title that says 'First of many' there will be a second, and third, and fourth, etc, etc. So, here I am, day two, with a property pulled from my county property comp search list that was pulled on a whim, this isn't for sale, but that doesn't interfere with a good practice, so...

Here is a link for typical owner occupancy

And of course, by popular demand the link for non owner occupancy

House Number / Address: 231 Bradley St, Mankato MN

Description: A well kept nice little property in the south part of Kato off Lincoln park, close to the fraternity and sorority houses, sadly it’s only listed for residential housing and thus isn’t rental licensed out just yet. But it’s in a great area to do that

How are the numbers run:

• How much down 3%
• Interest 3.076%
• PMI? $90/mo
• Taxes, High, low, etc: low overall for the town, and in the market it seems that they are low for this neighborhood, they also haven’t been steadily going up as is often a theme with more central downtown kato by Washington park
• What makes it work, (not) feasible: It’s honestly a pretty darn good little property as it is, and in terms of rent replacement this is miraculously lower, than most others that I see. This place actually almost cash flows, and does in fact cashflow based on non owner occupancy for a rental of 1750, which given the location, and condition of the place is maybe a bit off base.

Location: By the frats and sorotities of MSU by Lincoln park

Marks in its’ favor great area for college rentals with a lot of walkability still to other areas for potential tenants. Hookups and space for appliances like a washer and drier. Newer kitchen, walls and floors look to be well taken care of, nice garage area or at the very least a drive way to work out of / park in. Spacious kitchen and living room, recently redone siding with a nice outdoor porch

Marks against it everything I just said because I am an adult and like peace and quiet. , ¾” bath is definitely a strike against it, I know 0 people who bathe, not an actual duplex, so some people may be annoyed by having to share a fridge, appliances, etc, living space in general.

• Potential repairs
• 1 General housework and maintenance, very hard to gauge from photos alone but the home appears to be in wonderful condition, there may be heat loss from the fireplace going on, the bathtub upstairs may be lending itself to some leaking and therefore flooring issues / water issues
• 2
• 3

Thoughts: This is a wonderful home that I wouldn’t mind picking up if it weren’t already sold and off market. Great first place to stay and get some experience in and would more than likely attract a lot of tenants given its proximity to a lot of the Mankato college region, it has everything I am looking for in a house honestly, I wish I could get better eyes on it given how nicely it helps me out to even start with, and considering how nice of a condition it is in to boot.

Thanks in advance for any feedback you kind people have to shell out, looking forward to hearing from everyone! Have a great day!