815 S 12th Street Watertown, WI 3BR/1BA

[Peter Kitzhaber]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $154,900
Cash invested: $50,000

3 BR/1 BA, attached one car garage. Lot: 0.33 acres, corner lot.

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

Previously a rental, hoarder house. Owner eager to sell. Lots of upside potential with minimal investment.

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

Buyer's agent same as seller's agent. Got into house prior to reaching market.

How did you finance this deal?

Traditional 15 year fixed.

How did you add value to the deal?

Replaced ungrounded two prong outlets with 3-prong grounded outlets, added GFCIs, new light switches. Refinished flooring through majority of house. New refrigerator, washer, and drier.

What was the outcome?

Rented out at above market rate with cash flow of about $600 per month.

Lessons learned? Challenges?

Get more information on laminate flooring. What I got must be cleaned with a PH neutral cleaner and does not stand up well to lots of moisture. Joints should have been glued.